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"Luxury Vinyl" seems to be the newest non-hardwood option. Comes in different styles and price points. Unless you're trying to match the flooring in other areas, maybe consider something like that...?
I kinda like the newer vinyl flooring, esp for rentals. You can get it waterproof so it'll work in kitchens and bathrooms and you can float the floor so replacing damaged areas is more straight forward. Can mark up easier than engineered and I'm not sure how it'll do long term WRT sun/fading. Both a plus and a minus is that while it looks nice and it's hard to tell it's vinyl visually, once you step on it or feel it, you can def tell the difference. I personally prefer it over wood look tile as it's not as hard on one's legs and is more "forgiving".
If renting to another tenant or selling to another landlord, it seems that carpet and/or laminate flooring would be sufficient, does that sound about right?
If selling to another buyer, it would seem that hardwood would net a better return, no? For some reason, I get the feeling that laminate flooring (or LVP, Luxury Vinyl Plank) would come across as being cheap.
It sounds like you are assuming that you cannot sell the property or must significantly discount the price unless you replace the carpet. (Is the realtor telling you this?) - But, who knows what a potential buyer will want?
-- If you are in a relatively good location and market, and the property is otherwise in better condition than the carpet, why not put it on the market "as is" and see what happens?
I am exactly in the same position as OP, investment house living room needs new flooring, frayed stained carpet there now.
My realtor suggested a credit for flooring with full price offer rather than refloor but I know it will lower the price a lot when buyers see bad carpet.
If refloored with vinyl or laminate the dining room and front door entry adjacent would also have to be done plus kitchen. That quote was $3500 which is not happening. So new carpet going in for $800. New owner can decide when and what to do differently. I'm the 3rd owner who left things as they are.
The sad thing is that original terrazzo is under everything, carpet strip nailed into perimeter (would need repair) and tile put above it in other rooms. There isn't anyone that restores/repairs terrazzo in my small town. I love terrazzo, my brother had his restored recently but he's in an area with experts.
OP: in my area LVP is "quality" not cheap. People are impressed by it. In my own home I'm putting it in the laundry room but many do their whole home with it.
It sounds like you are assuming that you cannot sell the property or must significantly discount the price unless you replace the carpet. (Is the realtor telling you this?) - But, who knows what a potential buyer will want?
-- If you are in a relatively good location and market, and the property is otherwise in better condition than the carpet, why not put it on the market "as is" and see what happens?
My experience when I was a realtor is buyers like new flooring and it’s probably better to replace flooring than offer flooring allowance
It’s an economic decision will spending on flooring get you a greater return than the cost of the flooring.
If it's a hot market, just clean the carpet and leave enough room in the price that you can discount it a bit when they complain. Don't already lower the price since they'll still want a discount when they see it. They will have to actually go out and look at the house before they see the carpet, so just clean it and price the house as if the carpet was nice and then give them a discount if they ask for one. Who knows, maybe they will just pay the price and not even ask for a discount. You can't tell what a buyer is gonna want, so don't go too far overboard trying to figure it out.
Another option could be to clean the carpet and then put in some carpet samples to let the new buyer pick the carpet. List price with new carpet of their choice or let them come up with a new option.
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