The home we are considering is listed for $270,000 but we think it will sell for between $210-$240k - it hasn't been updated in the past 20 years (old kitchen, dated bathrooms, ugly paint/carpet) but has good bones and a nice layout.  

Now if you need new flooring anyhow... etc... here are some thoughts.No carpet... it's cheap the first time but not when you have to replace it after every other tenant.  

.- 200k ARV- Dated bathrooms and kitchen but everything is in good condition- New carpets needed throughout- PaintWould you include everything necessary to get this property fully updated?

Both units are in decent shape, nothing fancy and wall-to-wall carpet plus dated yet decent shape kitchens.

@Ron Averill I would not spend 5K on new carpet, paint and appliances to get an extra 50-100/mo.By the time you recoup your investment (4-8yrs), it would be time for new carpet, paint, appliances, etc.

Another good case would be major renovation of electrical or plumbing systems that might create a higher risk of loss (say a fire or a flood from new plumbing) than say replacing carpet and painting. 

Maybe paint and a carpet wash. $5K Max.

So I got wet carpet, water heater closet all wet, and wet living room walls.

As far as I can tell (I've personally seen the outside/picture only for the inside) and its not a gut job...its a remove wall paper, paint walls,remove carpet on stairs/lightly sand and refinish floors job with a large lot that would look if 2 nasty trees are removed and includes an elegantly shaped and I believe well maintained pool,  The front steps need pointing but are solid and if I pressure the concrete (all solid) it will look much better. 

In this area another good Rule of Thumb (ROT) is $45/sqft for a heavy rehab(replace everything), $35/sqft for medium(between the two), and $25/sqft for light(paint and carpet