Use sunset as your turnaround alarm.
The trick here is that the mesa is narrow enough to walk both edges in one morning. The East Rim is nearly flat and gets most of the traffic; the West Rim is more primitive, cairn marked across slickrock, and usually much quieter, and stitching them together at the visitor center gives you the 5 miles. The point itself sits about 2,000 feet above a gooseneck of the Colorado River. Wear real shoes, because a lot of the tread is uneven sandstone rather than dirt.
Rim views the whole way - every overlook better than the last.
Heat note: desert country - in summer start at dawn and carry more water than feels reasonable.
Water bottle, sunscreen, hat, snacks, comfortable shoes.
Make it a weekend: Kayenta Campground (Dead Horse Point) (Camping, 0 mi) · Willow Flat Campground (Camping, 11 mi) · Ken's Lake Campground (Camping, 17 mi) · Big Bend Campground (Camping, 18 mi)
More hikes nearby: Corona Arch (Hike, 8 mi) · Mesa Arch (Hike, 10 mi) · Upheaval Dome Overlook (Hike, 11 mi) · Grand View Point (Hike, 14 mi)