Needs CapEx advice: EPDM vs. TPO vs. Coating on flat rubber roof

[Vishal M.]

Hi everyone,

I’m managing a 2-story brick multi-family property in Columbus, and the flat rubber (EPDM) roof section is actively leaking. 
See attached a couple of pictures for the rubber roof.
I am feeling a bit overwhelmed and want to make sure I'm making the smartest financial decision for the property.

For context, we did some spot patching previously, but those repairs are failing. I just received a quote from a vendor to clean and apply a Henry silicone restoration coating over the existing failing rubber. 

The flat section is relatively small, estimating roughly 600 to 800 square feet maximum, but the quote came back at almost $15,000 (even after applying a credit for the previous failed patch work). 

That feels astronomically high for a liquid band-aid, so I am leaning toward a full tear-off though unsure about the potential cost.

Before I start sourcing new bids, I would love some Midwest CapEx perspective:

• 1. TPO (White) vs. EPDM (Black): I know TPO is the modern standard, but does the white material keep the snow sitting on the roof too long during Ohio freeze-thaw cycles? Is there a strong structural or financial argument for sticking with black EPDM to help ice melt?
• 2. Restoration Coatings: Has anyone actually seen a long-term ROI with liquid silicone coatings over failing EPDM, or is it just throwing money away if the seams are already popping?
• 3. Insulation Code Upgrades: If I go the tear-off route, are you finding that local code enforcers require mandatory upgrades for rigid insulation (ISO boards)? How much extra should I budget for that?
• 4. Price Per Square Foot: What is the realistic going rate per square foot for a full flat-roof tear-off and replacement in the Midwest right now?

Any advice or reality checks you can share would be an absolute lifesaver right now. Thank you so much in advance!