I think it depends on the area, property, and demographic. It is possible to OVER-IMPROVE a property to the point where you are putting money in past the point of where you will see an additional return.
Based on the fact that it is "up and coming" and it is a small investment property, below is what some of my clients have done in similar situations. When I showed the property to potential tenants they all said "they love the wood floors".
If your floor is flat and level, there are peel and stick vinyl tiles that look like wood. The other upside of these is installation is very easy so you can save a lot on that cost. You can also peel up one or two tiles that is damaged in between tenants and seamlessly replace it. Saving money on the cost of tenant turnover. They said the flooring only cost them $0.68/sqft.... more