In a low income area, old (but clean) carpet, laminate counter tops, low-end appliances…etc are all perfectly fine and generally commensurate with market expectations—especially if you price it aggressively.To a family with low income, stable housing is far more important that high end finishes generally speaking.But, in a high income area, the quality of finishes will be a major determinant in desirability and you are going to have a tenant pool less resistant to moving if necessary to find a home that they feel is “worth their money” as well as greater disposable income to pay for what they really want compared to just what they need.But, as a layer deeper than just the quality of finishes, you need to perform quality maintenance.What this means is, when there is a problem, you need to actually solve it, not just paper it over for repeated headaches for your tenant.Imagine you have a sewer main that needs repair or replacement.The tenant’s toilet gets stopped up and overflows.

Replaced carpet in one - the other was all vinyl.

I had lath and plaster in my case so it was pretty messy.

The living rooms had carpet. 

then my carpet guy got thrown in jail, another worker had his mom pass away back east, etc., so I am doing a lot of the work myself. 

I repainted the entire house, shampooed carpets, patched holes in walls, fixed plumbing and refinished the deck.

This house was smoked in for decades and smelled horrible, plus had animal waste everywhere; however, we spent $10,000 doing simple repairs and paint/carpet to turn it into a great investment.

The work that remains is as Follows:Drywall, Paint, Rehang doors with new Knobs and hinges, Master Shower tile, 2000 Sq feet of hardwood installed, 600 Fq ft of carpet installed, Install Kitchen cabinets and tops, Install vanities, plumbing finishes, electrical finishes, prose wash and re stain the deck and newly built railings. 

The only item I DON'T dispute is changing carpet,  as we had 2 small dogs. 

Purchase price: $60,000 Cash invested: $5,000 Sale price: $109,500 Paint and carpet type of flip.