I agree with Colin and Jennifer Klauss. I would add one thing that can help the sale though. On a home of that age I would consider having a professional inspection, prior to any work and completely documented, just to identify the items a buyer's Inspector will find. From that I would price out repairs to any major issues found and if your budget allows repair the more significant ones. You are still going to have tenants live there while trying to sell. If the item fails or causes a problem during that time you would have to correct it anyhow. Having a list and estimates on hand will also help you counter offers from unrealistic buyers.
The comment about the "blank canvas" is very appropriate here. For example if the carpets are in fair shape don't replace them, just clean them and possibly offer a concession on them. Your choice of carpets and colors are not what another may choose. Even simpler things like refacing cabinets may not appeal to another.
The reason I mention a full inspection, prior to any work and being fully documented, is to help you with the sale. For example it is normal, inexpensive and good to clean, paint and perform a general spruce up of the place before listing it. However, as an Inspector when I enter a home with any heavy cosmetic work performed I have no idea what may potentially be covered up. If I find a stain bleeding through new paint I have to report the stain and that it appears to have been freshly painted. it can place a specter of doubt in a buyers mind of what was potentially covered up. A fully documented inspection might have identified it as an older stain from some innocuous cause that is no longer a concern. Had you provided the report to the buyer before their inspection they would already be prepared for it being in their Inspector's report.
Good luck on selling!
Emmanuel J. Scanlan
PS Inspection & Property Services LLC
TREC License # 7593
International Code Council, Residential Combination Inspector #5247015-R5 (Electrical, Mechanical, Plumbing and Building)
Certified Infrared Thermographer (ASNT-TC1A Standards)
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