I too think it would be a mistake to keep that tub. As a potential buyer, it would make me wonder what other corners you cut... Replace the tub and toilet with new basic ones from Lowes or Home Depot, some inexpensive, basic tile (like subway tile) and stain the vanity and add nice light fixture.

To increase the longevity of your overall investment and this remodel, go classic. White subway tile with dark grey grout. New standard white tub and toilet. If you put low-flow toilet in, you become eligible for tax deductions. Simple dark grey square or rectangular tiles on the floor. Your vanity looks ok from what I can see. Update by sanding & painting white. Make sure the lighting is good, outlets are all GFIs. Will cost you a bit of money to do it right, but it will make significant difference in what you're able to rent the place for!

Best of luck!

Oh, and brushed nickel is the current standard for faucets, knobs, etc. Hope it all turns out well for you!

Clean it all with bleach and water. Replace the faucets sink/tub/. Frame the mirror with molding. Paint the vanity black and then get a great shower curtain.

I'm assuming this is a rental and not a flip. For the right price, tenants aren't going to be terribly fussy as long as things are clean and in working order, so don't buy lesser quality just so it looks better. You'll only have to replace or repair it more quickly. Put the money in a new light fixture, outlets and maybe some storage shelves over the toilet. New faucets. Clean, clean, clean- hang a colorful shower curtain.

This will be a flip. I will also be redoing kitchen completely so I didn't want to spend too much money on the bathroom. I was told that bathroom will be expensive

Have the tub recoated by one of those businesses that do it, like GetAGrip (not affiliated, just a satisfied customer). Get a new toilet in white. When flipping a house, new toilets are probably the best investment in making a bathroom look fresh and clean for relatively no money (about $100). All finishes in white.

Are you sure the kitchen needs a total rehab? For me bathrooms can be a bigger deal breaker if they appear to need a lot of work. I'd put a little money into this one on a flip. The cost of painting the kitchen cabinets vs. buying new ones could make up the difference, perhaps?

Minimally, leave just the tub area tiled, and re-do the floor in hex or other smaller tiles incorporating the color of the tub with white. New faucets all around. Get an undermount sink so the mis-match is less distracting; paint the cabinet. New framed mirror and light fixture.

Here's a tile that would blend the fixtures and wall tiles, and adds a modern gray to the mix that you could use for the cabinet and/or walls (the royal grey/almond/white one):

http://www.besttile.com/index.php?mact=Products,cntnt01,details,0&cntnt01category=Mosaics&cntnt01pagelimit=12&cntnt01summarytemplate=Category-Line-List&cntnt01productid=225&cntnt01returnid=124&cntnt01returnid=124

Is the budget more like $5K for the bathroom or $1K?

What condition is the tub in? Is it cast iron or something else?