Unfortunately if you put granite countertops in a Formica neighborhood you're not likely to get a return on that.

I would plan on putting in higher end furnishings (stainless steel appliances/granite counter-tops/and blowing out one of the kitchen walls to turn it into a more open concept style...yeah, lots of HGTV being watched at my house right now).

I do have a full time job so I really don't want to take on any huge rehab projects, but I am ok with having to deal with new carpet, paint, countertops, appliances, roof, etc.

It seems like doing mechanical items or windows/roof will serve both projects but you'd probably want to wait on cabinets and countertops or other things that will get beat up by renters.  

You need to specify what type of - flooring, countertops, appliances, light fixtures, plumbing fixtures, tile, hardware etc.

Because if you're frugral about everything all the time, then all you're doing with real estate investing is giving yourself another job - and a low paying job at that.You need to be able to pull the profits out every now and then and treat yourself - to whatever item it is that you enjoy - tv's, vacations/travel, granite countertops (my wife would vote that one if she could but I'm still at a No) :-) ......

Thanks city of Milwaukee, another 10k price drop to accommodate new hvac, going from the boiler system to forced air.All in all the work done to the property included:27 new windows2 new furnaces, ductwork and water heatersNew PEX plumbing along with accompanying fixturesDrywall work and insulation to remedy water damageNew roof (6 layer tear off)Refinished hardwood floorsNew cabinets, countertops, etcGutted bathroomsPaint abound Etc, etc, etcBeing the largest project I have undertaken, I ate two months of holding costs in getting the property ready for rent as I grossly underestimated the amount of time it would take to get the property ready.  

This would include paining the walls, replacing vinyl floor with vinyl floor, replacing Formica counter top with Formica counter top. 

Even in a kitchen with older cabinet, a stock laminate countertop from Lowes, and a tile floor, choosing a mid-tone color common in all features can pull various textures and finishes together for a more cohesive look.

Paint: Offer an accent wall of their choice for an extra $20 a month Upgrade Appliances Repair Cabinets - Re Face them Repair or Replace Countertops - Texture Overspray Replace Tile or Linoleum Clean or Replace Carpet Refining Hardwood FloorsReplace Faucets - Don’t go cheap, causes problems.Replace Light Fixtures - Ceiling Fans are a nice touch Replace Mirrors - Bigger the better.