However, the most vital component of the purchase is vetting the PM who will be the success or failure of the property.  

While it doesn't have your kid element, our story does have the crazy predictable components of life.I too am looking for an opportunity to work on this full time so we I can stay home and raise our future kids.Feel free to pm me if you want to talk.

You may get excited, but make sure that you have some reserves for those unexpected situations that inevitably crop up.

Once we get our finances under control (had to put a whole new heating system last fall, frozen pipes, and lead removal has set us back about $35K in the last year so always plan for the unexpected!!)

Tenants are extremely hard on appliances, it is not uncommon.Landlord Responsibilities: Landlord will at all times during the tenancy keep the premises fit for human habitation, and shall in particular:a.Cultivate, care for and mow surrounding grass, lawn, flowers, and shrubberyb.Maintain the premises to substantially comply with any applicable code, statue, ordinance, or regulation governing the premisec.Maintain the roof, floors, walls, foundations, and all other structural components in reasonable good repair as to be usable and capable of resisting normal loadsd.Keep any shared or common areas reasonable clean, sanitary, and safe from defects increasing the hazards of fire or accidente.Provide a reasonable program for the control of infestation by insects, rodents, and other pests at move in f.Except where the condition is attributable to normal wear and tear, make repairs and arrangements necessary to put and keep the premises in as good condition as at move ing.Provide reasonably adequate locks and provide keys to the tenanth.Maintain all electrical, plumbing (main lines), heating, and other facilities and appliances supplied by Landlord in reasonably good working orderi.Maintain the unit in reasonably weather tight conditionj.Provide facilities adequate to supply heat and water and hot water as reasonably required by the tenant

Nothing unexpected in that statement.  

You really have to adapt to taking advantage of tiny bits of work time--but it's hard to readjust when the baby wakes up unexpectedly or just won't cooperate.

From there, you can determine what components are priority, and how much of a factor location will/should play into that.

Your money is made at the time of purchase and based on the scope of work as outlined in your post, at a $80,000 purchase price you won't have a good enough flip margin with a contingency budget for those unexpected "profit killers".

There is obviously a risk component here and cash flows need to be managed, but prepaying FNMA mortgages is a terrible use of money.