Texas: changing deed covenants /restrictions?

[Scott Braden]

The property is about 60 acres, just outside city limits of a small town in a small county but it's 5 minutes from an interstate highway, and 1:45 from the DFW metro.

The owner has platted ~120 half acre lots, there is highway and county road frontage with city water and electricity. The plat was dated 2007 and as near as I can tell from the county CAD and google, not a single lot has ever been sold. 

I'm not even sure the plat has been recorded correctly. The CAD has the parcels listed but the county does not publish a GIS map. When I look at it on Regrid it does not show up as a property at all, but still shows as part of the previous larger property. 

"Streets" are platted but the satellite shows only an empty field.

I talked to the owner briefly, she seems confused as to why the lots haven't sold. I have some ideas, 

#1 would be the deed covenants which are extremely specific and restrictive. More suitable for a high-end development but this is not that kind of property. 

#2 would be there's a large reservoir about 30 minutes away that has tons and tons of those cheap crappy lake development lots with fewer restrictions. 

#3 would the the complete lack of any improvements at all to the property. 

#4 would be zero marketing at all... no listings that I can find and she states that the sign facing the highway was knocked down by mowers and she hasn't bothered to put it back up. Can't really blame her.

So my main question to you land geniuses:

• If I just buy the whole thing, is it possible in Texas to nullify those deed covenants and start all over?  
• My googling has me thinking it's possible in the law, but this particular covenant has no provisions for changing it until 50 years have passed. Is there a way around that? 

Despite all the cheap lake lots nearby, I think it can be a good fit for the right audience.

thanks
Scott