As I evolved in the biz, I started updating these homes to ceramic tile, vinyl plank flooring, ceiling fans, brush nickel faucets, new counter tops, etc etc and my tenants started staying longer, when they do go vacant, they get rented quickly and I received better applicants.Bottom line, is your plan feasible, yes.

Add backerboard and ceramic tile all over.Would the soft and squishy or the stiff approach work better?

I really liked how nice it was and I got to know the neighbors and they're really great too.Purchase price = $31,500Rehab = $6,000 (approximately)Work done:+ Painting all rooms in the house (needed primer to cover ugly colors) + ceilings and trim+ New rainfall tub/shower faucet + plumbing+ New ceramic tile tub surround and tile base around the room+ New toilet+ New glass block window in the bathroom+ New windows in the entire house (except for large picture window), double-pane vinyl windows with tinted UV protection+ Basement laundry tub plumbing repairs+ New water heater+ Drywall replacement in upper bedroom around stairwell+ New outlets and switches in all rooms+ New light fixtures in two rooms+ New kitchen floor (sheet vinyl) also used on back hall and stairs to basement+ Miscellaneous (some new cabinet handles, smoke detectors, CO2 detectors, door knobs, new locks, curtain rods, curtains, light bulbs, grass cutting and gutter cleaning)Rented out at $875/month + utilities.The tenant I have is actually one from one of my other rentals. 

Ceramic tile

I know you don't want to hear it, but bite the bullet and hire a tile setter to come in and install some budget friendly ceramic or porcelain.

You couldn't give me a place that was ALL ELECTRIC in Houston, I wanted (or added when the time came) archetectural roof shingles (look better), ceramic tile, decent carpet and pad etc.Learn to do the work yourself.

Updated everything, granite, ceramic tile, wet bar in basement, etc.We put house #2 on the market and got it under contract literally in 12 HOURS for $113,000.The appraiser comes in and says we're all good.Then the file gets flagged for review - we're told this is a formality.Then, they come in and throw out all the comps that had any value, and tell us the only legitimate comp is a house a MILE away that sold for $95K.

Here on the West Coast, ceramic or porcelain tile is common now for all living areas in rentals.

Personally, I like a nice granite countertop with nuetral and complimentary colored 1 inch ceramic tile backsplash going up to the bottom of the top cabinets and window sills.

Besides, laminate floors make "most" units look more "down market" than carpet, except in kitchens and baths where I always use ceramic tile.Please spend some time reading the archives here, pay particular attention to all the posts from people who thought a "skinny" deal was OK because it was a way to "get their feet wet", get started, get in the game etc.BTW, I pay CASH for all my deals, do my own repairs, except A/C (I can trouble shoot and repair that except for the "sealed-freon" bits) and I wouldn't bother to answer an ad on a deal like this.