While it would make sense to buy now, as the others suggest, I'm guessing that you feel you may not be in a position to buy yet. If that's the case and the owner doesn't need all of his equity out immediately, then, yes, a lease-option could be a very good solution.
From the seller's perspective (again, assuming he doesn't need his equity out immediately), his revenue stream is uninterrupted, as opposed to you moving out whenever your lease is over and the house sitting vacant. Also, if he were to put it on the open market, he'd probably have to do various repairs and upgrades--some of the sort you alluded to, and others that you might not care much about, but which might be necessary to sell it in today's market. Plus, as you indicated, you're willing to pay an additional amount--an option fee--thus boosting the owner's income while you continue to rent.
And from your perspective, you don't have to move. You're in a house you like, and it's one you know. You can build up option credits while you continue to rent, and your rent will still very likely be less than what you'd pay for a mortgage. And the 30 months will give you a chance to accumulate more of a downpayment as well as address any credit glitches you might have.
Sounds like it could be a win-win situation for you both.