The reason is it needed paint, carpet, blinds, and some minor repairs. 

I personally prefer to remove all carpet and replace with a hard surface (laminate, vinyl plank)...Do you mind me asking how you found the deal?

Comps show ARV between 90k and 100k in a revitalizing area of the city.I paid 15k + 8k in back taxes and closing fees, immediate repairs needed of 3k, so all in at 26k (used HELOC money).I will wait for current renters lease to end (10 months), do cash out refi for about 45k and do full refresh of carpets, paint, repairs, kitchen and pay my HELOC back.

It's a 3/2 C+ B-  Needs an HVAC washer dryer and flooring (carpet in two bedrooms minimum for now).

That makes turnover costs (paint, and carpet) sky rocket.

Eg. 2 yr old carpet was literally black, wood rot and leaks down the wall because they didn't shut windows when it rained, pretty much the worst tenants you could have.  

I am refinishing my own floors- painting rooms, carpetting, replacing windows- that money vomes out of my pocket.

I put another $20,000 into paint, carpet, furniture, etc. and had the whole place ready to rent out before my first mortgage payment was due.  

Maybe my problem is that my carpet collects dirt too easy, and a new carpet will obviate the need for me to always be vacuuming.

Curb appeal, clean interiors  without carpet stains cracked tile , shaky toilets etc It does not take a lot of money to present a clean ready to rent product .Check on your competition to guide you