This is a tough question not knowing the home, your intended rental audience, rental market, and your resale market - which all together suggest a local agent for guidance.
Rental (quality) updates are different than "selling" updates. Since you will turn the property in a short period of time, it may make the most "cents" to re-carpet (cheaply) and paint a few accent walls to obscure the fixtures to some degree - and then spend money when you're ready to sell. This said from someone far away...
Again, a local agent is your very best bet!