When estimating my renovation budget, I have a tendency to go towards picking things that are MY taste, but not necessarily the best ROI and definitely not the standard for the neighborhood.When flipping - do you gravitate towards carpet/laminate over hardwood?

On the flooring,  I love the manufactured wood floors and replace carpet with them any chance I get.  

Other than the smell of smoke, the condo is in great condition, so I estimated just the cost of new carpet and paint.  

The IRS has rules in place defining how long a particular item has to be depreciated; Carpet 5 years, Appliance 10 years, Roof 20 years, Building Structure 30 years (just making up some numbers).But as almost always, there are exceptions and conditions.

The carpets are shot and need to be replaced.

framing 562.5 lumber 262.5 plumbing rough in to final install labour 525 tile material only 536.25 electrical 787.5 tile labour 483.75 lights 75 quartz countertop material and labour 450 cabinetry supply and install 637.5 drywall to paint all inclusive 4950 carpet supply install 1368.75 cleaning and dump fees 75 plumbing finish supplies 506.25 finishing all in (doors, trim, materials) 1200 mirror and shower door 360 central vacuum tie in 150 total $12930 Cost per sq ft $21.55

Luckily, my husband and I have just cleaned their apartment from top to bottom using lead safe protocols (walls, ceilings, baseboards, floors, windows, etc) last weekend when we were dealing with our lead dust issue so we know the condition of the unit (carpet in one room needs to be steam-cleaned or more than likely replaced and they punched through a door, which they replaced with a door that doesn't even fit the doorway so that will need to be replaced, the rest is just normal wear and tear).  

These landlords are dealing with damage caused by pets AND by tenants who seem to be utter morons (Blue hair dye on the living room carpet.

Anyways, we put 20k into renovations with all new kitchen cabinets, new vinyl plank flooring, new interior and exterior paint, all new bath vanities, toilets, new windows, new glass sliding doors, basically everything is new except the carpet. 

First home purchased was mostly a cosmetic flip, added windows, removed and rebuilt stairway, siding, roof, dry walled multiple rooms, paint and carpet.