-Stackable Wshr/ Dryr BONUS, Hampton Bay Cabinets, Apache Blk/Wht Porcelain bcksplsh pops Butcher Block Golden Teak Counters, LED What made you interested in investing in this type of deal?

Rip off the bandaid...change everything now, using a new cast iron/porcelain tub and ceramic tile surround for a job that will last the next 30 - 40 years.Reglazing, IF done properly, can last 5 - 7 years if you are lucky and the Tenant never uses abrasive cleaners or is otherwise rough with the tub...washing car parts in it etc.

If you choose to "reglaze" the existing (porcelain, I assume) tub, that presents a very good appearance when properly done, but will usually only last 5 - 7 years at best.

my recommendation would be porcelain wood-look tile with chemical grout (Never seal, no stain) in the whole house.

In most homes, we use a waterproof vinyl in all areas expect for the wet areas (bath/kitchen/laundry) where we use porcelain tile.

What type of tile (porcelain, ceramic, marble, size of tile)? 

On high end porcelain tiled walls to the ceiling I go with the heavier backer board. 

Also great deals on porcelain tile.

I like the granite tile over 3/4 ply; I just did that with porcelain tile. 

There are some great porcelain tiles these days that have a great look and far better durability.