Advise on bathtub surround for rental unit

[Mike Weiskopf]

Recently acquired 4plex unit has a leak from the bathroom, where the tub meet the tile wall. Several bottom row tiles have cracks in the grout, and a crack in the new caulk where the whole tub meets the tile wall. The tile is dated yellow from 1978. I would like a somewhat quick inexpensive fix. Does anyone recommend gluing a custom tub surround to the existing tile walls? This would not only look nicer but seal it up as well. Any advise?

[Karl B.]

Originally posted by @Mike Weiskopf:

@Karl B. Thanks for the reply. What was "gross" about the tub surround you removed? Could it not be cleaned up? I'm not in a position to stick $1000+ at the time, but I do want to make the right move.

Oh, man, it was dirty, stained and looked like garbage as it was buckling from the wall (and cracking toward the bottom of the surround). I don't know how old it was but it was not very nice. 

Here's the after in all its glory: