The property is turn key, updated with laminate flooring, tile throughout, with new paint on the interior and exterior.   

Some repairs are considered normal wear and tear, eg. depending the length of the tenancy you might not be able to charge for painting the interior of the house, cleaning (or even replacing) the carpet.

You may need some repairs, paint and carpet every few years.  

I viewed the house and it is solid only needing carpet and paint.

However, there will still be some charges incurred by landlord such as carpet cleaning, touchup painting, etc that is goes over that cleaning fee.  

Good evening Hope all is well, I am new to real estate Investing my partner and myself run a painting service company residential/commercial in the Atlanta metro area.

The house had new paint and carpet when they moved in.

Let's take a real example: I'm renting a condo 2bed/1.5bath for $925/mo right now - it's listed yesterday.The owner bought it for $17K, invested $5K - new cabinets, flooring, HVAC, HWT, paint.

It needs new flooring throughout (about 1600 sq ft), paint, some windows need replacement, A/C units are 10+ years (there are 2).

It usually means they replaced some carpet, slapped some paint on with a cover up job, and maybe replaced some light fixtures or knobs.