I would paint the dining room walls the dark gray of the leather chair.

I would wainscot and add moldings everywhere. I would paint it a blue if any color. Otherwise love a white. I would maybe, put the gray chair in a different space. It doesn’t rlly match the couches. Definitely need a rug. Something similar or even the same as the dining room one is perfect. Do they have any other colors of that rug ? Definitely need some accent pillows. Throw blankets. Do you need the built ins for the storage or you were planning on doing it for the aesthetics? I don’t think it’s necessary. Can you take a head on shot of the FP. I’m suggesting skipping the built ins because it’s very close to the DR and feel like it will make it feel tight. But I might switch my opinion after seeing more of the space. This is a very pretty blank Canvas!! Really nice features and a lot of potential.
In general my advice is to bring in some textures. Through plants, pillows, blankets, frames, art, pictures, flowers. Color scheme should stay neutral ish! Blues, whites, green - coming from plants. And probably nothing else lol. And maybe some cognac/ luggage color.

Thank you for the suggestions so far! I actually do have throw pillows and blankets for the sofas. I just didn’t have them out for the pics. I’m not looking to paint anything at this point but the color change in the dining area is definitely a nice touch. For the living room rug, I was thinking I should stay in that neutral color pallet of grays and white and maybe go with a different pattern but I’m not sure. I’ve seen for abstract ones I’ve liked that would work color wise but I’m unsure about the pattern.
Unfortunately due to the layout of the living area, the variations for furniture arrangement is very limited. You can’t really tell from the pictures but the sofas actually have some subtle grays that tie together with the chair color.
I am primarily considering the built ins for function and aesthetics. I’m going to make the dining room side a bar. I do not plan to extend the cabinet all the way to the brick pillar or window on the other side. I’ll extend out about 3 feet leaving about 2 ft of empty space. And yes, that’s exactly what I plan to do, stay neutral and add color through plants, art, and tabletop accessories. I also included a pic of the general idea of what I’d like to do for the built-ins, mantle and shelves

These are a couple of the rugs I’ve considered but I’m not sure if they compliment the dining room rug. I’m open to any suggestions or better ideas

Pretty. I would do a similar layout to your inspiration pic. The bigger couch on the left I think.

I think the rug choices are leaning to more modern. Your space is more traditional rustic, maybe farmy a drop. ( and I love that!!) I would stay more with the style of the DR one. Or a sisal plain one. Similar to the inspiration picture. But less browny and less textured

To the best of my understanding of styles, I believe I like the “modern farmhouse/rustic” look

Right. Do you like those rugs? Because your the one who needs to love!! This space. I personally think they are mostly modern. No rustic, farm vibes in them. The DR one is a good combination of the styles you like. Am I making sense?

No I’m not attached to either of them. I’m very open-minded to any possibilities right now. I’m just not sure what I should be looking for that will look great with the DR rug. Style, pattern, color etc

I hear you. Rugs are hard. Especially online. I would order a few small samples. Or small size rugs. Feel them out. And pick your favorite. In regards to what to look for. See how the DR rug has details. Shapes. Colors. Texture. That’s what gives it the traditional vibe we need in this space. Here are a few more examples. Shop around and show what you find.

You have a beautiful space and furniture to work with. I think that the rug should have some pizazz. Would you consider builtins with no shelves above and then use colorful art above? If possible you could hide the booze in the cabinets.

I hadn’t thought about using any artwork above the builtins but that could be nice as well now that mention it!

Thank you

I like the idea of art better than shelves. Shelves require maintenance and then you have to figure out what to put on them so it doesn’t look cluttered. Mirrors might be an option too.