LVP or peel & stick floor for class C apartments??

[Ki Lee]

Bigger Pockets! 

I would love to hear some of your opinions and experiences regarding flooring. 
Do me a favor.  Sometimes it's easy to jump to a conclusion about what's "better" based on one's personal experiences and situations.  Please see if you can help me realize the best move based on my specific situation.

Asset - Class C apartment building built in the 1960's.

Tenant class -Mostly blue collar hourly workers, usually families.  rents $700-$750 in columbus

Unit type - 2/1 townhouse style apartment, 2 stories with BR and BA upstairs.

Investment objective - 5 year hold.  Renovate units to increase rents and dispose at a profit to trade up

Current rents are over 25% below market.  Units are very outdated and run down. We want to do small upgrade in finish to raise the rents.

My partner and I are looking for the best bang for the buck.  We are looking to be agile and nimble in renovating the units. Flooring seems like a big cost.  We see that a lot of LVP's are $3-$4/sqft plus labor.  The latest vendor quoted about $6/sqft installed, and another said that he thinks that he can do for $5/sqft installed.

An investor that we know told us that she uses peel & stick floors.  They run about $.97/sqft for material. Obviously we need to add labor cost, but the material cost is 50-75% cheaper than LVP.  It's known that quality LVP lasts longer than cheap stick & peel, but the question is - does it make sense mathematically to invest more upfront?

I have heard that peel & stick suffers a bit from indentation, so when a tenant moves out, a new floor is in order.

I'm thinking that if LVP costs $6/sqft to install, about $3/sqft is labor.  so if we assume that the labor is the same for peel & stick, it's about $4/sqft installed.  So LVP is about 50% more expensive.  This tells me that if the LVP will last at least 50% longer than peel & stick, it may be worth it.

What are your thoughts and experiences with peel & stick?  Am I looking at it the right way?  It seems like the quality/durability of these products have improved in recent years.  Again, I'm not looking at this from the perspective of someone that's going to hold it for 10-20 years where the most durable material is the best.

Thanks in advance