I may want just a little paint, carpet, and touch-ups if need be.  

That apartment has been occupied for the last 10 years so it's not like we will charge them for carpet and paint or much of anything at move out.

I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

Dry wall, textured paint.....the works. 

Wood rotted for lack of paint leading to major expenses.

It doesn't appear to need a ton of work (paint, carpet, drywall repair, few kitchen updates) but I need to understand the cost while I'm currently in the option period.

Major part of roof is flat that we have painted silicon on every few years.

One thing you can do is set things up quarterly by the season.. makes perfect sense.Look water heaters, cooling systems, boiler systems,schedule filters on those systems to be changed or inspected.exterior roofs, siding, windows a good general inspection spring and falllandscape grounds, parking area's including trash areas at least 2 times a year for needed replacements or lot line painting, or pot hole fixing..You should get into the units for a quick look see at least 2 times a year.. if not, be sure and schedule one before you renew a lease to make sure the upkeep is to your satisfaction.Just don't replace all the stoves at the same time or fridges,, then you'll have them all die again at the same time.. do appliances as needed.. and save some $$ so you've got that covered. 

Also, while the property is in outstanding conditions, only need new paint and carpet needed, monthly rent will cover the mortgage itself, very little ($25) as positive cash flow.

The home appraised for 25k more than what I purchased it for, and I put a 20k downpayment, plus the improvements that I've made during the 4 months I've owned the home (paint, flooring, etc.. ) My lender notified me that even if I refi into a conventional loan with them (I currently have an FHA) that the Flood insurance premium would still be there.