fair price for 89 5.7?

Been browsing through the papers and came across a 89 5.7 camaro, but i felt the price was pretty high. The seller is asking 5500 for it. Although he claims theres only 45k on the engine. What you think I was guessin maybe 3.5-4 grand at the most, any imput would be helpful.
Thanks.
this is in the tacoma/seattle area not sure if that would make much of a price diffrence

If it's a stock 350 with 45k miles on it, and it's in really good shape then I would say 5500 is a good price, but that's if it's all original and in great shape.

i bought my 1989 IROC with a TPI 350 which was pretty rough around the edges, for 2300. it was an arkansas car which handnt been serviced proporly in 14 years to give you a general idea of its condition, the interior needed to be completely gutted and the wiring redone. the engine runs strong, but it needed a tranny. and the brakes were worn out. so 5500 for a low mileage good condition, 350 car, id jump on it.

hey thanks for the info. I think I am goin to cruize on over there and take a look at it see if its as pristine as the seller made it sound. Thanks for your help.