How to re-model house with concrete block interior?

[Keith N.]

Hi,

I'm currently thinking about purchasing my second property and I have my eye on an older house that is constructed from concrete block.  I guess the construction material doesn't matter, but the thing is that ALL of the interior walls are literally just cinder block walls painted white (Like you'd see inside a high school).  

What are the best & most cost effective ways to re-model a house with all cinder block interior walls.  Most houses in my area are constructed with a wood frame and have drywall interior.  Cinder block walls IMO looks extremely cheap and screams low income.  

I'm open to all suggestions on what can be done, and would like to know the estimated costs of doing so. This house is a 1000sq/ft ranch.

- Cover interior walls with drywall and paint?

- Just paint the interior cinder block how it is and somehow make it look "good"

- Any other materials that could be used?