Make sure the area is dry before doing any repainting or reconstruction.If the odor comes from the carpet, first, fix the humidity issue that causes the musty odor.

It seems you dont want to put a lot of capital in to change the theme of the home, (potentially repainting, refurnishing). 

Companies do steal each other sometimes, do a quick repaint & weld on the company name.

Easy to repaint entire units after a few years.

If it's not a lot and you really are stuck repainting instead of doing touch-up, resolve to make absolutely sure that this next base coat you lay on is very thick and can be repeatedly washed, scrubbed, and touched up successfully over a period of 20-something years.To my mind with my purposely limited number of rentals and my handyman abilities to do the painting myself or supervise general laborers doing it, this is a smarter way to handle turning rentals between tenants than handing over repainting to a fresh batch of guys with mystery paint every few years.For interior wall paint, I tend to use Behr Marquee and Behr Ultra.

Maybe extending the lease, etc, for the new carpet or repainting a room.

Some of the new construction I bought for go zone in Madison MS has had the same tenants since the day I bought them Post Katrina.. now those houses probably have hit the 27% mark since they were brand new.. and I have not replace   repainted or done anything to them .. save a garage door that some how got run into but the tenant did not know who could have done it. 

I am charging for repainting the walls that were awefully dirty (no way to just wipe them down), changing out broken shades, repairing holes (which includes repainting them) changing out door handles with new keys, broken fixtures, cleaning, labor & supplies, and the major repair was the A/C.She had two dogs that just left hair in just about every crevice.

If your tenant moves out and it needs all new flooring, repainted, and other updates how much does that cost?

You will have to repaint all the interior walls, and probably replace all the flooring, unless it's tile or something hardy.And probably the blinds will need to be replaced.And it will probably smell like a romper room in there.