House is still in tack (everything works), but rough conditions (worn carpet, old paint, etc..).It's all paid for. 

It has new carpeting but pretty good bones. 

There is no carpet in the home so the smoke is not holding as much as it could.

I’m used to paying about $20 a yard for carpet and that’s including pad and install for a 60 ounce carpet.

Regardless of renting or selling, I'm looking at spending around $2,000 for smaller repairs which include paint, replacing carpet in the basement, and replacing a bathroom vanity. 

-His units are not renovated:  original kitchens; original bathrooms; one has some pretty messed up carpet and older vinyl flooring; other unit has 4 year old carpet and tile; new furnaces, A/C units and windows in both units 4 years ago.

Sounds from the report that a steam cleaning of the carpets, and an complete paint job would cure the issues.

Carpet throughout the main living areas, vinyl flooring in the kitchen and bathrooms, microwave, stove, refrigerator, dishwasher, fenced in patio, and fireplace.

Using terms like "total rehab" or "cosmetic rehab" or "carpet and paint job" might be just as good as a tidy number. 

Even with minor paint touch up, perhaps a carpet that needs to be replaced, not all over the house, just in the high traffic areas, or maybe carpet is good but one of the bedroom doors needs to be replaced, you get the idea.