Flipping correctly is the only way to make real money, you could lose all or your cash flow on a rental if you hold it too long and have to sell at a loss.  

To answer your question, I plan to make RE investing a part of my current portfolio for diversification purposes (other than my primary residence of course) and I'd ultimately like this to be a replacement an alternative to my regular work.

Join Triangle Deal Maker Sessions (go to Meetup and type in Triangle Real Estate Deal Maker).

You should go to the deal maker sessions.

Is it a money maker neighborhood, or a bad one?

The purpose of screening him is not only to determined if he is a trouble maker but is also to insure that when your present tenant leaves for any reason and you end up with him as  your only tenant he is fully qualified.

Congrats on the decision to make real estate a part of your young family's financial plan. 

Make sure your talking to the decision maker and if they say I need to think about it, tell them they are not allowed to think about it and that you are very busy and will move onto other deals.

I believe there is also a Deal Maker Session meeting not too far from you.Good luck!

@Michael Bennett you can make really good money in neighborhoods like this IF you know how to manage them properly.