Flooring for putting house on market -- go cheap or go big?

[Jessica G.]

We're about to put a house on the market. It has been a rental for three years, so it needs paint and new flooring. Most of the house is carpet, with some laminate and tile. I think the tile is still in OK shape, while the carpet and laminate looks awful.

The house is a 1960 3/2/2 in a nice middle-income neighborhood. I think it will sell for $150-$160K. The market is insane right now and prices are rising by the day.

The house was totally remodeled in 2006 by a flipper. The finishes are not cheap but not luxurious. We added really nice double-paned windows and expanded the kitchen. Other sales in the neighborhood that have been remodeled generally have granite, stainless steel appliances, and laminate flooring.

We have Formica counters, which I'm really not willing to upgrade because the counters were new in 2006-2010 and there is a TON of counter space for a small house, which would make replacing it prohibitively expensive. The appliances are white and 8 years old. Again, not really willing to replace perfectly good appliances with stainless steel unless I have to.

My main question is about the floors. I can put down vinyl plank flooring myself (peel-and-stick or glue-down) for less than $1,500. OR I can have laminate installed for $3,000-$4,000, or engineered hardwood for about $5,000.

Which is the best return on investment? I think the vinyl plank would look good enough to get it sold, but is it a huge turnoff for buyers? (I personally think it's a great product, and am considering putting it in my own house and definitely my rentals.) Is the draw of having real (engineered) wood enough to recoup $5,000?