Aside from property taxes, and analyzing rents in the area what other key factors should I be looking at to establish cap rates and potential profit?

Factors like taxes, expenses, and financing terms will also impact where the breakeven point is.

These issues can be financially devastating if not factored into the repair budget.

I received a call this morning from a lady in another city.

Are the conditions of a property a deciding factor even if the location is GREAT?

Agree with @Ned CareyFriends or no friends,  the most important factor is that you all are on the same page, exist strategy can change, so important that you all agree to the same end goal.Also, hat is everyone bring to the table?

Am I missing any factors?

Even if you want to be in a "safe" or "up and coming" neighborhood it sounds like your downpayment will be a limiting factor.

So now I need to come up with a lease agreement between tonight and early tomorrow morning!

As long as your choice is based on the factors you listed (income meets/exceeds your requirements, references, pet), it is okay.