Basement I would use tile, possibly carpet.

And lets assume that it needed no repairs other than a fresh coat of interior paint and the carpets shampooed and I did both myself so it cost me very little.

I realized that there was a logical sequence to follow (i.e. paint before cleaning carpet), so I scheduled people accordingly.  

The thing that got me researching home flipping was an investor who bought a condo down the street from me, they bought it for around $100K, replaced the burned down garage, did the kitchen, bathroom, new paint and carpet thing and sold it for $240K three months later (that condo was NEVER on the MLS, because I was looking on realtor.com and zillow.com for it).

It happens.I may go for as little as a 15% ROI if it is a really easy, quick flip, like just paint and carpet.

Rooms already have electrical and sheet rocked even carpet. 

Make sure your tenants don't use harsh chemicals  to clean the tub or any of the liquid drain cleaners!

For practical purposes this means any upgrades you do to your unit above the most basic features (vinyl and carpeted floor, discount appliances, etc.) must be insured by your condominium unit owners policy.

Currently I live in a nice neighborhood and have a house with builders grade carpet.

The house needs new carpet and tile, appliances, paint, kitchen and bathroom cabinets and counters, exterior paint job, and light landscaping.