Focus your effort on the backsplash, as it serves a utilitarian purpose, as well as cosmetic.

I figured I could offer some cosmetic upgrades to make up for it.

I then spend another 25 hours finding and supervising contractors, 15 hours dealing with governmental authorities to obtain permits, occupancy certificates, etc. 15 hours doing cosmetic repairs myself to save money, and 20 hours showing the property, running ads and negotiating leases for renters.So I have purchased a "great deal", a property that I now have $10,000 equity above what I have invested.  

My sweet spot is 1980s-1990s ... these can still be nice B-class neighborhoods, new enough to have modern construction (no lead paint, no asbestos), they less likely to have HOAs (or HOA fees), they are old enough to be "cosmetic fixers" (dated finishes in paint, floor, trim, fixtures, etc. that are easy to fix and add a ton of value by fixing) but not usually old enough to have major issues to other home systems (structure, electric, plumbing, HVAC, water heater, roof, etc. ... stuff behind the walls that take a lot to fix but don't add as much value per cost), and they have larger lots (remember, the long term value is in the dirt, the house itself is an improvement on the land and depreciates in value, just like taxes say).

One needed cosmetic updating and the other a total remodel.

This means he will need surgery today.

Personally Doug,I think this is too much to take on for a first flip.You work too much,the house needs massive rehab,potential historic district home nightmares to deal with,slow selling neighborhood, and an abandoned home close by bringing down property values,it is just too much to deal with.This might make a great wholesale opportunity for you to sell to a more experienced flipper with a full crew to do the work in a matter of weeks.My first flip is cosmetic only and will be finished and on the market in two weeks with a 50 grand profit potential.I would wholesale it for a nice quick profit and look for an easier project to do.

Some are cosmetic repairs, some are complete gut jobs to make them livable.  

It Could benefit from a few cosmetic improvements but the layout and the functionality of the property was there. 

I just bought a townhouse flip and it's full cosmetic redo so a bit different than your project, but here is what I did:- Made a very specific list by room of what I wanted to do and budgeted materials and labor- I'm sticking to that list and cutting where I need to in order to stick to it i.e. bought Pergo instead of hardwood- Lowe's and Home Depot will run deals from time to time on carpet/hardwood/laminet installs check them out.