Is the home owners insurance covering the cost?
@Carson Kesner I would not look for the cheapest stuff or the most expensive. I would look for good stuff at a good price or the biggest bang for the buck. I also want to make my rentals "bullet proof" so that they hold up to wear and tear and a little abuse. I do no use carpet. I use vinly floor strips that look like hardwood floors. I use one piece of vinyl flooring for the bathrooms and kitchens to contain water and spills. I make sure the HVAC is in good shape or replace it.
You can always make bigger and better improvements later during future turnovers.
Get it up and running and start collecting rent ASAP.
You are generally looking for solid, functional, inexpensive materials. Some markets are high-end and expect high-end finishes but most markets are looking for something that works and is sturdy; looks are less important.
It depends on the type of rental, if it's a C-/D rental, I'd suggest going cheap-- people want cheap rent, and do what you can do, to give them what they want... but also think long term, and what will last to give you the best return on the long run. We go really cheap on some things, like paint, towel/toilet paper holders, and go higher end on things like faucets.. as others have mentioned, it's an art and you have to find your balance.
Also... so many people forget-- this is someone's future home, this isn't a mutual fund/stock, so you need to focus on what things will make your tenants happy! We add things like security lights, fences, stuff like that to make them feel safer.
In addition to the great advice above, you also must look at your competition. What are nearby rentals using? If every rental in the nearby area has granite countertops, stainless steel appliances, and washer/dryers, you wont be able to charge as much as them unless you put in similar finishes.