Can I run a 4:59 mile?

You can totally do it! For normal runners, the mile is by far the easiest event to train for. You said you have a summer, which is plenty of time to work on your running efficiency and general aerobic strength (I’m guessing you never ran in college or are speed oriented, based on your post). So working up to 35 miles per week at least, a schedule could look like this:

Monday: rest day, doing core work and focusing on hip mobility
Tuesday: 6 miles easy with 8 x 100 strides (on strides, work on running faster comfortably. Building your speed will be essential) (6 total)
Wednesday: 3 miles easy, 10 x 60 second hills, 2 miles easy (8 total)
Thursday: 1 hour easy/moderate (7 to 8 total)
Friday: 30 min shuffle recovery or rest (0 to 3.5 total)
Saturday: 3 miles easy, 6 x 1 min faster (even slightly down, just run these fast) with full 4 min jog recovery, 2 miles easy (9 miles total)
Sunday: 5-10 miles easy over hills, throwing in a few sprints if you want to get frisky

If you can do that and repeat it over and over, not worrying too much about pace, you’ll really see what your genetics can do. And I think you can do it!