Advice on first property bathroom remodel

[Max Hutchinson]

Hello! I'm getting ready to close on my first property (owner-occupied duplex) and it doesn't need too much remodeling, except the bathrooms. Both bathroom are dated from the 50s, blue/pink tile throughout and looks like some dry rot next to the showerhead Tile looks like its bubbling. Im wondering what would be the best and most inexpensive way to remodel the bathrooms. Im thinking I have to rip up all the old tile and replace the drywall around the shower and install new water-resistant drywall. Now should I install a surround or go with durable/cheap tile? Not looking for anything fancy. What's the most durable for a rental?  Hoping I can stay under $5,000 for two bathrooms is that realistic? I also need to get new flooring. As far as the tub I'm just going to reglaze it. Would appreciate any advice! Thanks. Ive included photos of the two bathrooms for reference. 

[Account Closed]

I think the blue one is actually pretty cool.  Can't really tell in the photo if there is damage around the window?

The pink one is just ugly because of the different colors and well, it's pink.

Is the floor tile or is it an asbestos flooring, which is what it looks like to me?  If asbestos, you can just lay something on top of it and not deal with the hassle of removing asbestos.

In the pink one, can you change out the tub without messing up the tile?  Probably not.  Anyway, if you can live in the one with the pink bathroom and rent out the blue one, I think you can just wait to do anything on either of them.  I would have no problem renting the one with the blue bathroom myself, as a tenant.  I like the old retro tile - except some of the color combos, but the blue is okay, I think.  You could maybe just change out the flooring in the blue bathroom and it would look nice - just lay it on top of the old one, if it's asbestos linoleum.