While making any investment in real estate, few aspects should be considered to boost your profitability thousands of dollars!
The area should be in the RBC Affordability Index Hot Zone (25% to 39%)
Is the area’s infrastructure being built to handle the expected growth?
The area in which you r going to invest the Rent slab should be high
Availability of mortgage brokers/ banks
And last but not least Transportation network should be available!

You aspects are really considerable but do not you think these can be modified more easily ? A new home buyer might be unaware of deep aspects. We can also describe it like :
"Location"
"Market price ratio"
"Rental properties available around it"
"Rent price ratio"

I am currently looking to invest in some Real Estate in Hays Kansas. I have come across Bob Munsch & Associates LLC at www.bmunschrealty.com after conducting some search's online. I was just wondering on what everyone's opinion was, any suggestions would greatly be appreciated. Thank you for any replies!

Good points. It has been said - "If you can't explain it simply, you don't understand it well enough" -Albert Einstein.

Is "flipping" houses still a smart investment in today's economy? I really want to invest in real estate, but am a little hesitant with todays market. Anyone doing this successfully in Texas right now?

I don't know about Texas, but our investors are doing very well. But we mainly buy at auction, and get a good discount.