Firstly, looks like a great place youve grabbed there...
Paint and carpet, though depending on what sort of tennants you are looking to put in i might not even worry about that much. I actually rented one very similar with almost identical carpet and from a young renters POV i was much more comfortable on older 'ugly' carpet than i would be on new stuff... and i am a 'good' renter (i mean i looked after the places i took on.)

Not too keen on 'ALOHA'!!!!!!!