The property has been storage for about 2 years, its pretty much rent ready carpet is in good condition, has new appliances, also washer and dryer.... 

All new floors/ carpets and molding through the whole house.

The worst part about this is that the 15k go mostly to wear items like paint and carpet and n ot to capex like rood and windows.

For me, it is a single family ranch style home with 2/3 beds and 1.5/2 baths that smells funny and needs the carpet ripped out.

Interior wise, the common area needs painting and new carpet.

I have no mortgage on the property and it generates about a $6k surplus each year.When my current tenant moves out, I'll have to re-carpet and re-paint, maybe renovate kitchen.My question is, since all the appliances are original (and still in good working order), when this tenant moves out and I do my renovations (mentioned above) should I sell it before some of the expensive things start breaking down (a new heat pump will run me about $6,000) or re-rent it?

Multi-family is usually a quick turn around, some paint, carpet and rent it out.  

Re-paint a couple of bedrooms, clean the carpet, general cleaning and it's ready to rent.

When I decided to sell this property & hired a real estate agent, he discovered that the home was in poor condition & wasn't able to put it on the market at the time.The roof had missing flashing on the gable but the entire roof was replaced by contractors hired by USREEB late 2016 as they insisted that it could not be repaired.The living room floor had soft spots under the carpet & the sub flooring was damaged.

I have a house that we pained, cleaned, changed the carpet, etc.