Updating a dated Rental

[Kari Reynolds]

My husband and I are closing on our first rental property on the 28th of July in Salt Lake City. It's a fantastic home with updated AC, furnace, water heater, roof, etc. but it's extremely dated. Think blue carpet and wood paneling. 

It's in a hot area of Salt Lake City that is a really great place for a rental but we're wondering if an update is really needed. Is it worth it to re-do the carpet now if renters will just destroy it anyway. 

Any advice would be appreciated. At this point we're leaning towards replacing some old appliances and putting tile in a bathroom that has carpet but keeping the colored carpets, paneling, and dated drapes. 

Thanks for the help!