How would you renovate this kitchen (picture attached)?

[Jamie Brayton]

We just closed on our first rental property and need to give it a face lift. While we have cash for renovations, I'm inclined to spend as little as possible. My husband, on the other hand, would love to completely gut this kitchen. This is a foreclosure that is a cosmetic mess right now, yet we already have a tenant interested in signing a lease now that would begin Oct 1 at $1000/month. The bones, size, and layout of the house are excellent, and it is on a nicely fenced piece of land.  I think that the reality is this house can only earn so much whether it has a freshly painted kitchen or a $50,000 kitchen. We can't change the neighborhood. It has a partial view of the river (awesome), and also has very, very low income housing just down the street (less awesome). 

Considering this information, my instinct is to do the following. I'm interested in what experienced landlords think.

-New white appliances. We might be able to salvage the dishwasher.

-Add trim (picture above) to existing cabinets and paint a slate grey. Remove that dated trim piece (it is barely nailed on). Replace hinges.

-Paint walls a neutral color

-Update lighting under the cabinets and on ceiling

-Replace floor

-Leave the sink and counter

The biggest point of contention is whether or not we should replace the cabinets. They are dated and it would be easier to do the work now, but I wonder if it is worth it.