The 3rd floor space currently has a bathroom, half kitchen (no cooking facilities), a small LR, walkin-closet, and 1 bedroom.  

The worst was when I walked into a bathroom where someone obviously had a bout of explosive diarrhea, and they didn't flush the toilet.The funny thing is I came in not long after the LISTING agent was showing the property.

So the first property I'm considering is in a neighborhood that makes approximately $30k/yr income per household and I'm planning on paying $50,500 for it then I'm guessing I'll spend $10k to fix it up with new paint, carpet and maybe new bathroom sinks/cabinets.  

It had no hot water heater, the electric wiring was so old it all had to be replaced, it had termites, the bathroom needed a complete remodel.

They should be tiling in the bathroom today. 

I know most cash buyers prefer buying 3 Bedrooms/2 Bathroom single family homes from wholesalers, what is the experience like trying to wholesale a 3 Bedroom/1 Bathroom single family homes?

Yes, it is required in our area in bedrooms and bathrooms although it is unlikely some of the tenants know this.   

Same with the bathrooms. 

I also will probably have to do some updating to kitchens and bathrooms in two of the units down the line, but I am handy enough to do them myself.

The kitchen and bathroom will receive vinyl flooring.