My rentals same but I’ll do usually a light gray downstairs and a beige upstairs depending on what carpet colors are available for bedrooms.

We plan to take out a wall and add an island to open the kitchen up, take the carpet out of the bathrooms (yes, really), replace most of the flooring, finish the 4th bedroom and the rest of the basement, and various other minor updates.

I get to work with active investors to help them fund deals, I don't get phone calls at 2am to fix thing, I don't have to pick out paint or carpet colors, it's just easy.

Are the stairs carpeted? 

When I signed my tenants into a year long lease, we made an agreement (addendum on the lease) that they would pay for new carpet and kitchen flooring out of their pocket in exchange for a lower monthly rent.

Lots of room to add value since it has not been updated since the early 2000s (it still has carpet in the bathrooms...)

However if you find the right multi family building (let’s assume a 2-4 unit, which will still qualify for a conventional 30yr mortgage) buy at a discount and are willing to put in some sweat, you should be able to gain 10%-20% immediate equity through cosmetic improvements, such as paint, carpeting, lighting, etc.

It’s carpeted upstairs and debating/wondering if you’ve had more success with redoing the flooring .

Do you really think that carpet is worth the same in 5 years when you are going to sell as it was worth when you bought the property and did the study?

Try an enzymatic carpet cleaner.