The house is a 2-bedroom, 2-bathroom with 1200 sqft of space, fully furnished, and it allows dogs.

The 9 apartment units will be turned over (leases are terminable with 60 days notice) and will receive new kitchens, bathrooms, in-unit laundry and general bldg deferred maintenance improvements.

However, the downstairs bathroom has sewage coming up out of the toilet and all over the bathroom floor.

As I am living in the property I am updating things such as the bathroom, paint, cabinets, countertops, and doors.

Is it just upgrading the floors, kitchen and bathrooms? 

Although I may push back on the bathroom tv.

We've replaced the roof (18.5K, it was never torn off in 100 years) and redid kitchens and bathrooms. 

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

Needs new bathrooms and some updates to Kitchens.

All bathrooms, and kitchens wiring circuits are updated with Romex wire.