Certainly address the mechanicals, you will need to comply with HUD guidelines for health and safety and after that, it is up to you. the following basic materials are for you to consider when completing your renovation, while considering the future implications of tenant turn-over:*FlooringNO CarpetTile wet areas if this in your budget or simply install a resilient Rubberized Vinyl Floor plank systemGeneral areas - either refinish hardwood if existing or a new resilient tongue & groove laminate flooring*PaintStandardize the paint color throughout the entire interior, do not get fancy with painting different rooms different color, just more of a headache to deal with at each tenant turnover*ElectricalUpdated electrical schedule, new outlets and switches you want everything to be nice and bright, you want the wow factor no matter the area or rents, you want everything to be clean and look appealingNew Lighting schedule - consider using LED - it is brighter (better presentation) - more energy efficient and should be a smaller maintenance burned over time.

I am not a big carpet fan generally and products like LVT are becoming consensus favorites of DIY landlords (for ease of installation, durability, cost, etc).But one possible exception could be an upstairs unit with poor sound proofing.If you already hear complaints from existing carpet, it may continue or increase with laminate or possibly even a resilient surface (but see more below).My best hack for the upstairs in confronting some ugly carpet if you like laminate1) Look into a sound proofing underlayment (I have used Floor Muffler, pricey but have not gotten many complaints from downstairs, but upstairs tenant is quiet type...Others products are on the market.

Continue learning, networking & obsessing over real estate investing & you'll find a way that works best for you @Rebecca McDonald  Drive & resilience are undefeated.  

To layer that a little deeper, its all about resilient materials, most important NO CARPET!!!!

@Harman N. if you have the head height I would do 2 layers of drywall attached to resilient channels on the ceiling won't cost that much and will keep the tenant happier not hearing as much noise from above.

Great way to charge more to pay for the upgrades you want to make to accommodate that type of tenant and make the unit more resilient for future tenants.

It depends how resilient and patient you are—you never know when you'll find a seller that wants/needs to accept your offer.

It'll be important to pick a strong location that will be resilient in case of reduced demand.

Additionally, carpets are significantly less resilient than hardwood.

The San Antonio market is resilient and presents great opportunities to novice and experienced investors.