New Jersey condo investment and Renovation cost

[Jay Zoo]

Hello BP! This is my first post and I wanted to get few feedback on the current deal. From reading couple of deals on this site, i realize that this is not a deal you guys would even consider; but I got anxious with rising prices and low inventory in northern NJ and I jump the gun... So I am about to close on this deal in 2-3 weeks. The original strategy was buy and hold with 3-4% ROI and hopefully some appreciation(I know you guys hate this), but i think its actually more like 1-2% ROI, maybe negative with some vacancy.

The current condition

Kitchen: cabinets/counter top are bad, appliances are ok, laminate flooring.

Bathroom: overall is ok, but really outdated. 

Condo 1bed/1bath (800SQ) Purchase Price is $150K (comps and appraisal at about $155-160K)

25% down with investor loan

HOA: $460

Taxes $5,300 

Negotiated a $1,500 inspection credit.

Currently renovation estimates is about $20-25K (For kitchen & Bath renovation, new appliance and fixtures, paint). (These estimates are not using high end materials) 

Current Market rent is about 1,550-1,600 and with renovation i am hoping for $1650. My realtor is pretty confident that I can get $1,650 or even $1,700 with renovation, but i am not 100% sure because it looks like its in the top range for this building. 

My question is on the renovation cost and potential rent: 

Should I do a more modest renovation or even at all. Maybe just paint and change some fixtures. but i am not sure what to do with cabinets.

Or should i just spend the money and charge a slightly higher rent and possible have a quicker rental turnover...

Major buyer's remorse here. please help!