Owner financing- a good deal

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There is a house on my street that has been vacant for some time.  It is for sale by owner.  It definitely needs some work, but not sure how much work yet.  It last sold for $45,000.  What would be a great deal for him financing it for me.  How much down up front versus per year.  The homes in the area are renting anywhere between $900 and $1100.

@David Whitehair I would go talk to seller first to gather more information, see how motivated they are to actually do something. If its free and clear thats a big help, also only one owner. Look at the property finding out what things need to be done to make it a good rental, see the layout. Work the numbers so it makes sense to you, keep a open mind to putting an offer together. Help them try to get what they want but your still getting what you want, if that make sense.