Replace with cheap, durable vinyl plank.

An .040 is on the thin side, an .048 is a thicker, more durable panel.

I would put a masonry finish on the floor at the entries/exits at least 5 foot into the house from the door way.I greatly like the look of cherry compared to the older half of the house which is all white oak wood with a "golden oak" finish, but the oak is way more durable even with an extra 50 years of age on it!

Are they very durable?

You should also be aware of what plasticizers were uses to make the products as that has become an issue (CNN had a big article about Home Depot's removing a certain one by the end of 2015).Finally yes there are other options but they all have their pros and cons; Ceramic has weight issues but is very durable, Wood in a rental (GOD FORBID, unless you're good at refinishing the stuff every time a tenant moves out, hiring it done is more money out of your pocket) is not something I'd recommend unless this is a high dollar real unit.

Anything that is durable, cheap, easy to replace and looks good. 

The first time you tear a $300 pair of italian suit trousers at a work site, you'll learn the value of presentable, durable clothing :)

So get good new mattresses and a durable couch.

What's the best looking, durable, affordable, and available flooring?

Always looking for good cash flow characteristics with durability over time, pricing power, preference to stronger areas/demographics and tax efficiency... among other things.