Repair costs (hard and soft costs) should be added to the purchase price. 

Flips can cost you next to nothing to well over $100k.Money is not the issue when it comes to Real Estate my friend.

Not including land purchase, soft cost, etc.

Ask to review your finances, maybe do a soft credit pull, find out your strengths and weaknesses and go from there.

However, it's not cheap to spit the utilities so this may not be the best choice financially.Another option is to do what @Jonathan Towell recommends.

I need to figure out what the best locations may be and how to estimate costs such as management, maintenance, cleaning as well as furniture, towels and kitchen items initially.  

@Jonathan Wheeler We used our own labor for portion of the build (Full Disclosure we own a Contracting Company) and then out source the Roofing & HVAC. so we had a pretty good handle on our Cost (Both Soft Cost and Hard Cost).

This place can take you from noobie to well educated in no time.

When you get one, you need to be very soft and comforting in your approach. 

For the ones remaining, they will have to raise their game in terms of hygiene, cleanliness, potentially invest a ton more in reusable’s like linen or towels.