This is my go-to tool belt. It contains the tools I use most commonly. With this simple set, you can repair the vast majority of maintenance issues that will arise in a home.
I came to this simple collection while working in the apartment industry. Simply because of the large number of homes in an apartment complex we were exposed to the most commonly needed repairs again and again. These tools were found out of necessity. I slowly replaced or added tools until I had almost completely stopped using my tool box on most calls and relied on my simple belt pouch for probably 90% of the repairs I did.
I will start by saying that yes, you do need a drill and you do need a hammer. You also need a saw, some nail sets, pipe cutters, electrical dykes, a level and any number of other tools but this list is about the most used tools, not a comprehensive list of all useful tools.
Plumbers tape is not used quite as often, but often enough. It can be used for water pipe or gas pipe and since you have the place to store it you might as well bring it along.
The wire stripper / cutters are perfect for cutting wire off an existing outlet instead of unscrewing each wire and can strip new ends. The fine tip can be used as micro-pliers for light duty squeezing or retrieving a part. $10.
One last note: Be prepared to spend anywhere from $70 - $100 on a small kit like this. You may be able to do it for less but make sure you purchase quality tools. I've been using my first kit for almost 6 years now with only a few replacements due to loss or misuse. For the most part, a good tool will last you a very long time. Don't skimp - it's not worth having to make an extra trip to the hardware store in the middle of an emergency repair.