I realized that I have an Oster electric kettle and I remember that it heats water up really fast. I just tested it on the lowest setting (110 degrees) with the minimum amount of water (2 cups) and it took less than a minute to make the water the perfect temperature for my kid. (Just one tad too hot, but it's perfect after the formula is mixed in.)
So for the time being, I'm going to try this option. I'm going to keep it in my bedroom, prefilled, and see how big of a pain it is to mix a bottle manually in middle of the night. (I like this better my other option, which would've been an old fashioned urn, because I was worried about a kid puling the boiling water off my dresser.) I know this is less convenient than a formula maker, but I'm not going to jump in with $200 (or $50 to something that I have to anyways mix myself) for something that I'm not sure is good for me.
Thanks everyone for the input, and I'm still taking suggestions if anyone has.