Since this is your first flip I'm assuming you don't have a construction crew yet and may want to hold off on putting yourself in a vulnerable situation with strangers.2) If you send me pictures i can help with this better, but in general, update the kitchen and master bathroom, paint and maybe flooring.

More specifically, we're looking to remodel the kitchen (e.g., countertops, backsplash) as well as flooring (probably a mix of laminate, carpet and/or tile) for the entire unit (~1000 sq ft).  

I will keep you posted regarding the progress of my project. yes my job will be a full rehab ..I can imagine knocking down some walls to open up space looking for a more modern layout ..moving electricity, refinishing/putting new flooring, gutting kitchen, new cabinets, counter tops, full paint outside/inside ..possible new deck, yard, possible cosmetics in the basement (new carpet, finish walls etc) ...properties selling for under 50K in my area are needing all that ..I hope I will not discover too much while opening walls. most of those houses are winterized with no utilities running ..so once I switch electricity/gas/water on ..lets see if the thing will not fall apart ;-)

If you can, drive by and see if there is really $4,000 sitting in the kitchen, that materials paid for is actually there.

All of the above would like a decent finish out in the kitchen, though our bathrooms are fairly simple.

This gives the first floor comfortable modern spaces, not the small older living rooms all ranches had, open kitchens with custom cabinets and high end appliance packages, and master suites with marble baths.

But bathrooms and kitchens?

The light bright eat-in kitchen has all new cabinets, sink, counter-tops, ceramic tile floors and a stylish subway tile backsplash.

When I'm doing a nicer rehab, I'll spend about 50% more on kitchen, bath and flooring.Roof, gutters, downspouts: $6kRedo bath: $3k (each)Redo kitchen: $2500 (laminate countertop, replace cabinet pulls, paint cabinets, new faucet/sinkFlooring: $3/sfSiding: $3kInterior Paint: $2kExterior paint: $2kFans, electrical outlets, switches and lights: $950Windows: $400 eachAppliances: $2kHVAC: $3kwater heater: $800Mini blinds: $300Misc: 15% of budgeted rehabSoft costs: (cost of utilities, taxes, insurance, finance fees if any of the money is borrowed) plan on 3 months more than you expect to hold the propertyDon't forget the cost of selling, which will cost you around 10% of the sale price.People don’t want to do any repairs, and they want the house to be nice, clean, move-in ready and not old looking on the inside.

That adhesive called muslcebound (Lowes) is the best thing ever invented for updating a kitchen backsplash.Those snappy trap drain kits (smooth inside) work, seem to hold up, are quick to install, and they don't leak.We use ALL the time the ryobi wood/metal door lock kit, the latch installation kit, the hinge kit.