I just pulled back the carpet on an old staircase in a rental property and I am wondering how I should refinish it.

I refinished hardwood for the same price as carpet. 

To get it in that condition would be roughly (and I've estimated high on all of it)Upgrade to hardwoods on second floor, and refinish first floor. 12KPaint interior 5KUpgrade appliances and plumbing fixtures. 5KUpgrade electrical fixtures (some have been upgraded to stylish black wrought iron look which is popular here) 2KNew HVAC first floor (second floor HVAC replaced already) 5KLandscaping 5K (this may be really high, but I figure it pads the other numbers in case something comes up)Total rehab 34KSo we've had some investors come and look at the house and offers range from 290-300K.

A hardwood refinisher owns the sanding and staining tools so he doesn't have to rent them. 

I do my own work, so it cost me less to refinish hardwood floors than to install Allure.

If the boards had not been water damaged, he would have less of a case, but having boards that need replacement requires the entire floor to be refinished. 

@Kyle Wenger, we like to refinish hardwood floors whenever possible because the are so easy to clean between tenants.

Or are there areas where you can improve the house in general, such as hardwood under nasty old carpets that you can refinish.

This home was in very nice condition, it only needed new interior paint and to refinish and stain front wood stairs and porch at entry and window box.

The current owner is definitely losing money with new roof, siding, cabinets, refinished floors, paint, etc.