Will I even be able to rent out in an Expensive neighborhood?

[Peter Bui]

Hey all, 

City: Villa Park, California 

My uncle wants to sell my a property for 800,000 through seller financing and no interest. Market price is approx. 1.2 million - 1.6 million. Estimated rent: 4000-5000

Neighborhood property ranges from: 1 million - 2.5 million 

So my question is, is it worth it to buy this property in this Class A neighborhood. I know the rent is approx. 4000-5000, but will i be able to rent it out for that much? If the tenants have that much money, wouldn't they be able to just buy the property themselves? 

Or should I buy then maybe do some quick rehab and flip it? 

Any advice/thoughts? 

Thanks in advance