The fireplace zone is narrow enough that I think it will be overwhelmed by a TV. I'd stick with one side or the other -- can't be specific because you're showing us such a tiny part of the room. If you want to take a photo of each of the four walls, you're likely to get better advice.

You could definitely give the place a more current look by removing the wood above/around the fireplace. We are much more minimalist as it relates to window treatments so our suggestion would a shade of some sort if you need black out or privacy options and a simple drape.

We rent a beautifully redone condo in Park City. The fireplace surround matches the kitchen granite. There are built in bookcases flanking the fireplace. The t.v. Is mounted over the fireplace (which I like because you can watch t.v. and see the fire at the same time). The draperies are Pottery Barn (or PB like) with attractive drapery rods going through the large metal rings. You might get some wonderful ideas by looking at various PC condos on VRBO. Have fun!

Remove the wood from the wall above the FP. The TV looks alright where it is. Take down the teeny valance & verticals. Add some grommet top or clip top drapes (probably insulated) on black iron rods. The wood over the fireplace could be removed using a sawzall leaving wood to the side & about one foot above the firebox. These two things will certainly update this room tremendously. Enjoy your new condo & make no more changes until living there a year.

Is this a wood burning FP or just an electric or gas insert? You could mount a flatscreen above it but heat will damage and shorten the life of the TV. New window treatments and an upgraded TV will make a big difference. You could simply paint the wood for now and post new pix on your rental listing. See if that increases interest any. Right now it does look a bit dated. What's the age/condition of your furnishings? I have managed vacation rentals for their owners for the past 15 years. Happy to help you more if you're interested.

I like the pattern and texture of the wood above the fire place and have seen this on TV. You could paint or do a wash on the wood in a gray that is darker than your carpet. I think the pattern in the wood was very expensive to install and can be a asset to the room.

Thanks everyone for the great ideas.

The fireplace is a gas insert. My husband wants to do a stone surround. The wall that the fireplace is on is actually the only full wall. It has a window on one side and a small bit of wall on the other. One wall is the sliding door, the other wall is a staircase going up to the loft. It's an open floor plan with the kitchen and family room so the fourth wall is the kitchen.

Stone will look great!