Looking at the pics, I'm thinking it needsnew kitchen and appliances (might keep fridge)New baths (would it even be possible to add a 2nd bath?)

That includes new appliances which the previous tenant destroyed.

That is with maximum added value, total gut rehab for the units with all new bathrooms, new kitchen cabinet, tile floor, granite counters, brand new appliances. 

There are normally a ton of appliances that are in good condition for a fair price.

From my calculations, that covers my 'operating costs' on a regular basis, but like you pointed out, doesn't account for things like major repairs, new appliances, etc.

This way you are not having to scrape together money to replace appliances or HVAC or repair a roof out of your own pocket. 

Based on the pictures, the appliances are very outdated and if I could come across used appliances, they would be an upgrade from these current appliances.

@Leon ChappellYes, you pretty much nailed it.Although, in my experience, what some folks call "fix-and-flip" really amounts to a light rehab: gut the kitchen to the walls and put in new cabinets, fixtures and appliances, replace flooring, ... that kind of thing.

I'm not as quick as @J Scott, but I've done several projects (nowhere close to hundreds like he has) now and I know what my cost per sq ft for a tile job will be or how much a set of appliances is or a painting project or whatever.  

I know that 120$/month is very steep. the property is completely rehabbed and in great condition (new appliances, new roof, new HVAC etc..)