Must haves (and must nots) in a rental renovation?

[Andreea Chidu]

I am about to purchase my first single-family rental property, and it will need some work to be rent-ready. I am planning the reno now to be ready for when it's time to get to work, and I keep flip flopping on what to do and what NOT to do.

I've read about "over-rehabing" and I don't want to get trapped in it. In your experience, what are the must-haves for a rental reno, and more importantly, what should be left off the table?