Unconventional Deal! Is this a terrible deal?

[Will Fahmy]

So to start this is a master lease and the terms are as follows.

Rent paid to seller monthly: $1,500

Down payment: $40,000

Option to purchase property in 5 years for $175,000

Or scenario 2 (whichever seller picks)

Option to purchase property in 10 years for $125,000

A little about the property

Location: Rural area so some rent increases and appreciation but nothing drastic

4 units with rents at market

Condition: 4/10 livable but outdated and some deferred maintenance

Monthly NOI: $1,861

Market Cap Rate: 9%

Is this a good deal or would I be screwing myself?