I think it really depends on what you will use the house for.

Normally people will spend more money to renovate a house for their own living and less money for an investment property, meaning to rent it out.
I would only do the cosmetic works if it is a rental property which wouldn't cost much. The job will include painting, flooring, new kitchen and bathrooms, new appliances and some repairs. $40,000-$60,000 probably is enough.
It is just my blind estimate.