I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg.

Unless there was a recent change I think you are correct.  

Trying to rehab and sell in a year seems like doing too much too fast.

Replacing roof, HVAC, water heaters, etc. can certainly change the math quickly on a $100k property.That said, if its currently rented you can assume the plumbing and electrical systems are at least functional.  

The biggest drawback is the potential life style change but if you and your wife are willing to make the sacrifices, there is some money to be made. 

I currently have no real estate investing experience but I recently made a career change that has drastically altered my work schedule and has freed me up to real get moving with real estate investing.  

If you are trying to get started investing fast, I would skip the license. 

Only thing I would change (which you covered) if getting those utilities separately metered and paid by the tenant... 

Fast forward to now, I owe $179,000, the comps in the area for similar properties are $230,000-$240,000.

Listen what I would do is drive around the neighborhood you can afford around 6pm if the bus stops have lots of people making there way from work there is one money to be made and two a community of decent ppl there I'm not sure if u have children if not living in a bad neighborhood isn't always as bad as it seems besides the money you collect in a year or two may propel you toward your real aspirations faster than not making the move and no matter where you buy your choosing the tenant so set a base line of what you will and won't accept and stick to it people live in Baltimore, New York, New Jersey all places that once where **** holes that have taken some major steps toward change but more importantly they made a big bag of money from those horrible hoods