Cons:Needs good surface prep (flat smooth clean)Needs to be rolled with a 100lb roller at least ($20 rental at hd)Not waterproof over woodWill curl in hot/humid/direct sunlight sunrooms etc without being glued down.Applications we have done with success:Floor leveler over existing tile bathroom then peel/stick vinyl tileOver level wood floors (plywood) Over existing linoleum Over concreteOver damaged and stained oak hardwoods (when you pull it up it does not leave a residue)

A wall in the back of the garage showed staining at the bottom and there is that bad watery smell in the basement.

Nathan, if they are the old 1980's/1990s' wood, I have had luck just cleaning/deglossing with TSP (cuts all past oils/dirt from kitchen) and a scrub sponge (use rough side), rinse and then go with Polyshades (stain/poly in one).

The bedroom has oak but there are multiple water stains and contractor said wouldn't be worth replacing.  

Now after 7 years of college girl tenants, hair dye stains in the grout lines, bubble baths & the inevitable overflows its time to rehab & go with a shower base & surround.

In contrast, large rips or indelible stains justify a deduction from the tenant's security deposit for repairing the carpet or drapes, or replacing them if that is reasonably necessary.One common method of calculating the deduction for replacement prorates the total cost of replacement so that the tenant pays only for the remaining useful life of the item that the tenant has damaged or destroyed.

I was at first frustrated that a wife asked me what color I was going to stain the deck.

Usually, if there was enough water to cause a failure in the drywall, there would be a noticeable stain area.That said, the ceiling looks a bit rough and doesn't appear to be an intentional/decorative texturing.  

The hardwood floors are stained in every room (3 bedrooms, living room, dining room). 

Girls rooms had some stains on the carpet, and just cluttered.