Making my first property "Rental-grade"

[Anthony Johnson]

So I finally got my first property under contract with a conventional rehab loan. I'm including an additional 20k on the loan to upgrade and furnish the property but I'm unsure about what I should upgrade and what materials I should use to get the highest appraisal to refinance for the next property and keep a high cash on cash return on this one. I'm learning that the kitchen and the bathrooms should get the most attention but what to do in those rooms to keep them low cost and desirable by renters is what I need the most help with. The plan is to paint the cabinets, upgrade the appliances, and add recessed lighting in the kitchen, living room, and master bathroom. Any advice would really be appreciated! Thank you to everyone who took the time to read this.

Full disclosure, the floors in the kitchen look a lot better in the picture than they do in person. It is real hard wood, however, the rest of the downstairs is low grade laminate (good condition).