Considering a Dated Potential Rental- What do you always update?

[Kristin Caras]

I am looking at a potential rental property, it was built in 1994 and has no cosmetic updates  (wallpaper borders, formica countertops in the kitchen and bathrooms, old plumbing bathroom fixtures, a slightly mauve/brown carpet that is in good condition but dated). 

This is a nice community and there are several rentals, some nicer than others, but I obviously would like to get as high a rent as possible for as little money put in initially. I am thinking the walls need a fresh coat of paint, flooring needs to be replaced with an engineered hardwood or laminate on the main level, maybe new carpet upstairs and updating the bathroom fixtures. There is new carpeting in the finished basement I would leave. The kitchen I think is in good shape as is for now, but eventually I would like to switch out the counter tops with a cheap granite and use the scraps for the bathroom tops.   

The biggest project I am looking at is walling off an additional bedroom in the finished basement (the windows in the basement are large enough to make this a legal bedroom due to the property grading). The basement does have an ACT ceiling so it may be a little tricky to work around that walling it off and I would much prefer to have a hard ceiling in the bedroom if possible rather than the ACT.

My question is - What do you always be sure to update in dated rentals? I'd be curious to know if there is anything I am not thinking of as I am putting together a cost estimate to get this place rent ready before I put in an offer. Thanks!