Repairs for a rental

I’m still evaluating this property: http://www.reiclub.com/forums/index.php/topic,38243.0.html and wanted get info on repairs. This is an area where I’m lacking. This 1950 house would be good for a rental.

In figuring the repairs however I didn’t add in anything for kitchen updates. The kitchen has the older wood laminate looking countertops, old white drawers/cabinets that don’t particularly open and close very well. Is this something I should update before RENTING out??? The neighborhood is older anyway and just an “ok” area. I was thinking I could get by without putting money into the kitchen to update since it’s a rental?

I bought a new kitchen sink and faucet for about $100 and a new formica countertop for about $60 for our last rehabbed unit. You could put in a new countertop and paint the existing cabinets. Then take a look at the cabinet hardware. Maybe there are some rollers on the drawers or latches on the cabinets you could replace that would make them work better. If the cabinets are unstable and can’t be saved, you can buy new cheaper cabinets piece by piece. If you have a Menard’s in your area, they have some (I think they’re called Kitchen Craft…they special order them) that are pretty cheap and good for rentals. We did a whole kitchen for about $900 in cabinets.
If you can save the existing cabinets, I think you could make the kitchen look quite a bit different for about $300 or so.