For our rentals in AZ, we put in tile in the downstairs (high traffic area - kitchen, dining, living) and carpet upstairs in the bedrooms.Only you can know what projects you are capable of, based on your knowledge and experience.

I have painted itI went to remove it once and the wall was rough so left the paneling on and I covered it with heavy duty commercial wallpaperit was the $300+ a roll type I picked up for $10 bucks a roll(I bought it all)I also did a dining room that was panel I just covered top half of panel with the wall paper and left bottom like it was and added trim

I just had one unit renting and the guy said does it have a dining room I said no but I have a unit opening up soon that is under rehab and has a huge kitchen.

Scope of Rehab- New roof, 11 new windows + sliding glass door, gut & remodel kitchen & 2.5 baths, total landscape job- half acre, paint the entire interior & exterior, knock out the dining room wall (see above, left wall), refinish hardwood (I ripped up the carpet after closing and the entire house had original oak hardwood in it. 

I put about $8K into the deposit and turned the dining room into a room and am now making $700 month in income from this situation in addition to not having to pay rent of my own.

We accomplished this by keeping an open concept between the kitchen and dining room.The lighter kitchen cabinet color we used really gave a brighter and larger feeling to a smaller area.

I also have been fond of whispering pine (a muted light green) for living rooms and dining rooms.

I would love to hear how having a toilet bowl under your dining room can be "repaired"

The househas a formal living room, study, and dining room on the lower level.Location - As they say in real estate, "LOCATION, LOCATION, LOCATION!"

Dining rooms, bonus rooms, den's, basements, offices etc they all make nice bedrooms.