I have a property, now what?

[Jerry Brainard]

Hello all and thank you in advance. This is my first time using the forum for any type of questions so hope I am posting in the right area!

My situation: I own a single family 3bdr home in very demanding market. We are looking to flip this house as we got a great deal on the house and only owe about 123k. We "think" we could sell the house AS IS for about 180k. But were "hoping", with the proper reovations we can increase the value to sell for atleast 200k. 

So that leads to my problem, where do we put the money to increase to most value? and how do we set a budget for this? If we wanna increase the sale price by 20k, is it smart to put 10k into it? I will write a short description of the house below to give you an idea of what were working with.

Carpet - definitely needs to be replace.

Kitchen - Plain White Formica counters. Oak cabinets. Beat up hardwood floors that need some work. 

Main Bath - same Formica counters with oak cabinets. old tub that has chips in it. 

Master Bath - same Formica counters with oak cabinets. old stand up shower with discoloration and doors that work, but not great. 

Painting -

These are the first trouble areas I think of when looking to add value, but please if there are other aspects of the house that play a big role in increasing value, please let me know.  This is the info I am looking for. I am hoping this house can jumpstart my real estate career if I do this properly. Most the work I am prepared to do myself, so hopefully that can save some money. 

Other things I am specifically looking for is suggestions on products that are budget friendly but still give the house great appeal. For example, types of coutertops (is laminated dated), types of flooring, color schemes, etc.

Thank you very much!!