Which is a better way to structure this subject-to deal?

[Jason Hirko]

I have the opportunity to buy a house a few doors down from a current rental of mine that is performing very well. Here is the background on the property: it was under contract for $92,500 before Hurricane Harvey, but the buyer backed out afterwards. I have the ability to repair the property for about $15,000. After repairs, it will rent for about $900 per month. Here are the two ways I can structure this deal:

Option 1: Buy it outright as-is for $45,000 cash. The property won't work for conventional financing.

Option 2: Buy it subject-to the existing mortgage of $55,000. PITI is $961 per month

Which do you  think is better? Option one is obviously cheaper, but with total out of pocket expenses of $60,000. Option 2 has the benefit of only $15,000 out of pocket, but due to where the seller is in the payback of the loan, there's only about 15 years left on the loan so it doesn't cash flow. But each of those moths of having to chip a little bit in will still be less than dropping $45k. 

I know it is a good deal but I can't decide how to proceed. Curious to know what you would do!