What To Do With Old Damaged Hardwood Flooring

[Neil G.]

I just bought my first investment property in Tampa (Airbnb rental). It has original 1920s oak flooring. In one half of the house, that flooring has significant termite damage and the floor is a bit uneven. I also don't know what's going on underneath with the floor joists (inspector couldn't get underneath the house).

I can't decide how to proceed with flooring contractors, as I have no construction/rehab experience. Flooring companies are recommending I rip up all the floors on that side of the house, check structure underneath and put down plywood and then new hardwood or a vinyl on top. However, that's going to run me around $10K for wood and $7500 for vinyl. I'm worried replacing original flooring will devalue the home.

Is it advisable/possible to simply contract a flooring specialist to cut out the damaged boards, check what's underneath (with joists) and then go from there? Maybe it's possible to just replace those damaged boards and try to match color with existing flooring?

Any tips appreciated. 

Thanks!