What's your favorite thing to do with wood paneling?

[Pat Jackson]

Here's the scoop.  Considering an off market 2/1 single family home.  Solid C neighborhood.  Will rent $700-750 after rehab.  It's straight out of the 60s.  Lot's of wood paneling.  The options I'm familiar with thus far:

1. Remove and install normal drywall
2. Install 1/4" drywall over the wood paneling
3. Paint paneling
4. Leave as is

In my experience if the place looks "new" I'll get more in rent.  Thinking I want to just paint the paneling.  

Other downsides to this deal....panel is original 70 amp, and the furnace and AC are ancient.  This house is in Missouri.