All the obvious points have been made.
For rentals, I have a strategy of building as indestructible as possible. I see little value in replacing an old solid-wood kitchen that looks worn with a brand-new particle board piece of junk that will return to dust in a few years. On the other hand, sometimes the old is just not going to work either!!!
Kitchen 1 Before - lol - those are actually custom cabs that someone put a lot of thought into - lol. I think the original build had zero cabs, like the the other unit.
During - walled-up the hole, brought the electric to code.
After. The opposite wall has a new bank too, that's where the sink is, and there is a larger counter-space.
Kitchen 2 Before. Wow - lots of cabinets - lol.
After
The cabinets are custom, 100% solid wood, with a super-tough finish. The drawers and doors are soft close. The color matches the period/rest of the house. These will look great 50 years from now, maybe 100. I could have bought the junk for about 1/2 the price, but those would have looked like junk in 5 years. What is not in the photo are the medium-priced stainless steel sinks (went with a slightly thicker gauge, deeper bottom) that will also look great in 50 years, and the super cheap fixture for $29 that looks great and will need to be replaced, as all fixtures do.
So the question is which is more wise? Spend $ now or spend it later? I certainly increased my rent potential, and even more so the marketability, by adding nice cabinets and increasing the function. But, I did not really increase the rent by much (the marketability is through the roof), and really the increase had more to do with the over-all quality of the entire unit than it did with just the kitchen. My tenants however will not want to leave, as they will be hard pressed to find anything out there as nice, not to mention easy to clean and keep looking nice.
For me, I will not have to replace the cabinets ever. I chose a classic style that goes with the house and will never go out of style. By getting custom, I did not have to screw around trying to make stock sizes fit, and they do not look out of place from trying to make the wrong size work. Notice also how they go all the way to the ceiling. As an added touch because my cabinet guy is like me and loves to put on that special touch, there is crown at the top and the exposed sides of the cabinets are recessed-panel to match the craftsman period.
To me, this makes sense for a long-term buy-and-hold rental. Not so much for a flip, where 19 out of 20 buyers have no idea what they are looking at, nor do they pay extra in most cases when they do. I can't tell you how many "high-end" new-construction homes I've seen with junk cabinets.
Cabinets - $5000k per kitchen, installed. My guy says he would have charged anyone else $6750. Pays to play cards with the cabinet guy.
Counters - $450 per kitchen, installed.
Sink - $100 each
Fixture - $29 each
Of course I also updated the electric and plumbing to code/rehab, which was extra, and I did all the other carpentry myself.
I thought it turned out pretty good.
PS - Luxury vinyl plank over existing hardwood floors. Love that stuff. Wish I had picked the other color option on this one though - still not too bad of a match.