New unit needs repairs, what are the essentials?

[Peter Siemsen]

When buying a new rental unit, whether SFR or MFR, and the listing says "needs work", or you know you're gonna need to spend a little money to get it up to par (either your standards or to make it comfortably livable), what do you consider some of the essentials?

New paint in all the rooms? New carpet or switching over to tile? New cabinet doors / refacing or painting? Bathroom shower tiling / vanity work? 

Just curious what others might focus their attention on when sprucing a place up after purchasing and before renting out.