First, FYI, I moved this thread to the M16 Forum (which also covers RDIAS). You should check out the stickied threads at the top of the forum –– they should give you a better handle on things.
Some thoughts on shopping for a Colt M16:
–– Stay away from refinished or reanodized guns unless you know the gun and owner personally. First, the market value is less (Colt MGs are collectibles, after all) but second, and more important, it may be hiding repairs or rewelding work. Receivers can be repaired by a talented welder so you can't see a weld short of x-raying the receiver, but a weld in aluminum always introduces a weak point in the metal (compared to the original one-piece forging). Why risk it on something this expensive?
BTW: There are some moly finishes which look very, very much like the original factory finish. Sometimes, the only way to tell moly from original is by touch: Moly is a surface coating and has a very slight spongy "give" when you gently press a fingernail against it; the factory Colt anodizing has no such "give." (I didn't figure this one out until I had examples of both finishes side-by-side, and needed to find a reliable test for refinishing.)
And one more note: Colt shipped many guns with uppers/lowers that do not match exactly in color. So you can't judge originality by that, either.
–– If you check the serial-number thread in this forum, you'll see that Colt reserved certain serial-number ranges for different customers. The nine-million range was for law enforcement/export M16A1s, and the eight-million series for LE/export M16A2s. Guns in this range went direct to commercial U.S. distributors and often were sold instead to civilians. When you come across an NIB or low-round-count M16, it will probably be from one of these ranges.
M16s in other serial-number ranges may have seen military or .gov use –– nothing wrong with that, but again, it's much more difficult to find one that is truly low-mileage. And some of these were demilled by cutting, then welded up and registered as transferables. After decades and often multiple owners, sometimes even the sellers don't know it's a reweld.
–– A civilian-owned M16 can have a
lot of rounds down the tube and still look near-new. (See mine above.) That's because many owners (me included) strip the gun down to the bare lower receiver as soon as they buy it, and carefully store away all the original parts. Then they build them up again with brand new parts, right down to the last spring. As noted, the lower receiver is a no-stress part, so unless it has been abused, it's difficult to tell the round count (and if the owner reinstalls all the other original parts before selling, it's even harder to tell).
–– Obviously, check around the front takedown pins for cracks; other potential crack locations are vertical ones in the front wall of the magwell, and in the receiver's rear "hoop" where the receiver extension (buffer tube) screws in. The takedown pins and/or magwell can crack if the upper receiver is pivoted open and then the gun is dropped. The rear receiver hoop can crack if the gun is lying on an uneven surface and someone drops something heavy on it, like a full ammo can.
–– The inside of the magwell is a good indicator of use –– you can't shoot without inserting mags. Then again, they could be using Orlites or other plastic mags, which don't scratch the insides. And an original-finish receiver with more wear inside the magwell than on the outside of the gun tells me it had a very careful owner. That's a good thing.
–– Last, but not least, check the holes in the receiver wall where the hammer and trigger pins sit. I do this with a magnifying glass. The holes should be perfectly round and the edges of the holes absolutely flush with the surrounding metal. If the gun has been run with 9mm or 7.62x39 uppers that were not properly set up, or run with weak hammer springs, the hammer can impact the disconnector and pass the impact along to these two pin holes. The result starts as a slight "wall" of metal building up on the outside edge of the hole; eventually, the round hole turns into an oval.
If the holes are damaged, they can be drilled out and bushings installed. That fixes the problem permanently, and is not expensive to have done ... but again, on a Colt where some of the value comes from collectibility, such repairs detract from resale value.
That's a quick rundown ... I'm sure others will chime in here.