I wouldn't paint anymore than needed. It sounds obvious but my point is you want to minimize the cost of labor/material. Same with carpet.
However, when the time does come to have to do some work, consider adopting a 'tenant proofing' strategy. What I mean is use products that stand up to higher traffic and carefree tenants. So if you have to rip up carpet in the living room, consider installing laminate flooring. And if you have to replace the linoleum in the kitchen, consider tile; use a durable vinyl in the bathrooms; easily cleanable semi-gloss paint on the walls...
To me those products improve the quality of the property, possibly allowing you to increase rents and they seem to stand the test of time (and negligent tenants).
Brandon wrote this article on his interior paint study
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