It seems like there’s value here but I can’t figure it

[Glen Holmen]

Hi. I’ve flipped 10 homes but now looking for rentals. Family member offers me this deal. Seems like there’s value but I can’t figure it out. Can you help?

South Valley Albuquerque NM 

3/2 2000sqft on 1.15 acres of gorgeous river bottom land with irrigation rights and 100 yr old trees. 
Real estate contract for 5 yrs with a lease to own. 
$1000 to begin. 
$2200 a month payment. Expected rent $2200 but hard to know as there are NO comps on this area or price range. 
Payment covers all utilities and sets aside (45%) $1000 a month for a lease to purchase. I can purchase any time but if I wait 5 yrs I have 60k down on the locked in price of $325,000. If I don’t purchase I forfeit  

Pros- 

Unparalleled beauty of a location. 12 minutes from new Netflix production studio. Surrounding homes go for 400-500k. Nothing like this for rent in the whole town. Irrigation rights are almost impossible to obtain. Could also split property and build casita  

Cons- 
I’d be a first time landlord for a luxury property. The home layout is just ok. Galley kitchen and small rooms upstairs. Just to break even I’d be near the highest rent in town. While the neighborhood is nice, it sits next to the “bad part of town.” I’ve never split and built a casita and raising the capital for that is a challenge. 

It seems like there’s value here but I can’t seem to plug it into the calculators. Is this just an A property that doesn’t cash flow?
Would I just be going sideways and buying myself a job? Or am I missing something? 
Or is this a rare value that I should jump on?

HELP?????