for that rent amount you don't have lot of margin for repairs, and you'll definitely want DURABILITY.
I would say a prefab shower, but with a window there it certainly makes that more expensive.
Is this something you budgeted for when you bought the place? Maybe start putting some money aside as additional CapEx to fix this in the future.
can you just....leave it as it is? Is the place fully occupied? Is someone complaining about the bathroom condition or aesthetics?
Those vintage tile colors are making a huge comeback in parts of the nation. If they aren't falling apart, and the renters are still renting, I'd leave them.
Yes money has been set aside to do updates as tenants move out. Nothing is in bad shape just a couple of cracks on a couple tiles. Just the outdated look is what I don't want to keep from getting rented.
The rents are low. If the apartments are easy to rent I would certainly do nothing more then clean them up. Sometimes just regrouting gives them an updated look. If they are leaking and you have to rip them out because the board beneath them are water soaked then you do your update.
The window in the shower always presents a problem when the house is older. We have replaced wood window sills with Corian fabricated window sills since they are water proof and calked very carefully. If you aren't redoing the bathroom and are working with the pink and black retro look, I would just hang a clear Plastic shower liner on the shower rod so yu don't deal with another color and give the bathroom a more open look.
I hate pink and black but - it aint me - good suggestions here - recaulk and seal to make it look better if needed and examine the window/sill - if it aint rotten...., clear shower curtain is a good suggestion on both counts.
if there are any inexpensive staging ideas to enhance the retro look, you might use them.
Paint the non-tiled areas. Consider updating the faucet, sink, toilet, or mirror. Use a piece of never-rot moulding over the window sill and some vinyl/plastic trim around the tub and under the window sill if it would cover up any bad looking areas. Add blinds if they are missing and consider staging the bathroom and providing things to dress it up. You can also clean up the grout lines with caulk that matches the grout and you can consider putting floating laminate over the floor tile or tiling over the tile if you think it would help the appearance.
Yes painting the walls and the new faucet and toilet is a good idea. Plastic molding, or Corian molding also would help on the shower window.
If the area beneath the window sill is also deteriated, you can have a piece of corian fabricated to make an apron below the windw sill.
Mini white blinds also sound very good and they are inexpensive