I'd get rid of the chair rail and do a gender neutral wall paper. If you do a Google search you'll see hundreds of options. Replace the ceiling fan - when you do so, find a fixture that can be dimmed.

Remove chaiir rail & paint in a neutral , or a soft color .... what will the room be used for? Also, depends upon the floor color, is that staying?

Are you selling? If so, pick an off white or beige that goes with the carpet and has a good contrast with the very white trim. Remove the chair rail, then use two coats of primer to cover the brown and the pink paints. The line where they meet may need a third coat of primer. If you want less effort, just keep the brown and paint over the pink with primer and then a beige neutral. Change the light fixture.

If you are not selling, use the same white as the trim for flat wall paint. Then pick new bedding suitable for whatever age kid. Companies are making more bedding that appeals to both boys and girls. Stars, dots, stripes are widely available now. Use a simple wood or upholstered headboard for the bed, too.

If you want to replace just the pink, green is a gender neutral color that would go well with your existing brown.

Thanks for everyone's responses! We are hoping to have this room be a baby/kid's room down the line. We are keeping the carpeting but definitely getting rid of the fan! We were thinking a soft yellow to replace the pink and then maybe an off white to replace the brown---thoughts?

A friend did a soft yellow above and a light green below the chair rail in her children's nursery, Beatrix Potter's Peter Rabbit theme.