Rehab items for basic flip

[Chuck Brickman]

I'm trying to get a better idea of what I should replace and what I should just simply paint or otherwise update on basic flips...say ARV is going to be in the low 100s?

I've read that some guys go in and replace windows, vinyl flooring with tile, all bathroom fixtures, appliances, kitchen counter tops and fixtures, light fixtures, paint inside and out, roof (if needed) landscape etc. I guess my question is when your profit margin is somewhat limited by the ARV of the home what's your rule of thumb for determining what can or should be replaced or redone?

Thanks