Smart spending of remodel dollars

[Brent Rogers]

Just bought our second rental house.  Like the first it is a college student rental so it turns over every one or two years but should stay 100% rented given the location.  The first house was fairly turn-key but this one needs some work.

The house has a fairly small kitchen and 3 baths.  All of this needs some degree of upgrading but I cannot replace everything.  I need to stick to a firm rehab budget of 13k for kitchen and baths.

I guess my question is where do I get the most bang for the buck?  Baths or kitchens?  Counters or cabinets?  Appliances?  Flooring?

My initial thought is college kids want a clean and working bathroom and appliances that work.  They are not as wowed by a fancy kitchen.

Thanks for any advice offered.