Renovations on your rental property can help increase revenue, but remember that you should never break the bank just for an update that may or may not be needed. Spending too much may nullify the entire purpose of the upgrade, so always make sure you approach renovations reasonably.
Remember that this is more of a temporary home for your tenant, not a house that they're planning on buying. They will put less scrutiny into a rental home than they might a home that they are buying, so don't overdo the appliances, especially if other properties in the area are not. In the same way, function will likely be more important than style. When you're marketing, you'll want to point out the new add-ons to the property. Energy efficient appliances are usually a big plus.
Make sure you know what can be cleaned and what needs to be replaced. Often carpet can be made to look near to new with a good, professional deep cleaning. AC units and water heaters should be handled with care so that it won't cost more down the road.
Landscaping is a good place to start with renovations. The outside will be the first thing that potential renters see when they come to look at the property, so make sure it is well kept and in good condition. Kitchen and bathrooms are also often a good place to renovate first, especially if they are decades behind the rest of the property. Appliances are a less expensive starting point and can often be a good selling point if they are energy efficient.
Sometimes a fresh coat of paint will help a cabinet or various other parts of the property. Always make sure to take a look at all the options before diving in and spending a ton of money that may not need to be spent.
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