when updating a rental property

[Jeff Libby]

Aside from the standard updates like new appliances, flooring, paint, etc, how do you determine what to upgrade in a rental? 

I'm assuming you'd base it off what type of people you want living there, what the potential rents are, but does it go deeper than that?

Does anyone add premium upgrades such as recessed lighting under kitchen cabinets, in home speakers? 

Also, is it ever worth going all out with expensive appliances and other updates instead of basic ones ex. hard wood floors vs cheaper alternatives