I Just closed on this house last Thursday. The renters ether spilled allot of drinks or they had pets. The floor has tons of water damage spots. So one of the worst places in the floor I tore up and it had some green and black mold on the bottom of the flooring and some on the sub floor, but the floor was dry. I started ripping up all the flooring, but now i'm 2nd guessing myself because I've had about 5 people tell me now that I should of just refinished the floor and sealed the floor with 3-4 layers of polyurethane. What would you have done?
If the floor had real water damage (i.e. boards were cupped) you would have to remove that section and replace it as a minimum. That said there is a way to remove a small number of boards for replacement, but "ripping up all the flooring" seems to indicate you are now committed to replacement. ;-)
If the area you "ripped up" is not too large, bring in a floor refinisher (or two) in to look at the situation and let you know if the floors can be restored and whether it would be cost effective to take that approach.
I had a place in a floor that needed a spot that was dog scratched almost down to the subfloor replace and our floor guy (who is amazing got it replace and you can't even tell). It really is about what the wood is and if you can get a match for it now as well as how much you have already ripped up and need to replace. He also said that if he needed to lightly stain to get a match he could but I told him it did not need to be perfect and I really am the only one who notices.
I would take Roy's advice and bring in a floor refinisher or two to estimate it before you go much further. Even replacing you might get some good advice. If it is a flip or a rental will make a difference too. For a rental is it durable for a flip is it sellable.
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