People can obviously make money in the coin op laundry business.
But it sounds to me like you are way underestimating your start up and repair costs.
This website gives some rough suggestions for a much larger operation than it sounds like you are considering, and states that you can expect to break even in three years.
Can you afford to be in the red for three years?
http://www.mac-gray.com/la5_costs.html
What about your water and electricity costs?