I love Target, and we've picked up some items for our local chapter house there. We've been quite pleased with a TV stand we purchased for them earlier this year. It looks great, has held up well so far, and fits into that room's decor.
However, there's a big difference in the furniture you get at a Target and the furniture you'd get at a quality furniture store. The reality is in some sorority systems a house filled with Target (or other 'discount') furnishings would be a detriment to that chapter's recruitment efforts. Yes, I know that's a shame and it shouldn't matter what your house looks like, but we know it does.
Regardless of the room or item, make sure that your accessories and furnishings, etc are sturdy enough for the number of people that will be using them. When you're putting together your redecorating plans, determine how long you expect any given item to actually last. For example, if you want to get new slipcovers you aren't going to want to replace those every year. Purchase good quality ones that can be easily cleaned and fit with your decor.
Matter of fact, the same thing goes for paint. Don't buy the cheapest paint out there
You may want to make that investment according to the length of your current lease and how long you expect to remain in that property. If you're going to be there long term, definitely go with a quality interior primer and paint. It's worth a couple extra dollars per gallon if you can extend the number of years between repainting!