Strip it, wrap it, install what you will. You're making an investment, so do it right the first time, I wouldn't even consider buying a house that's been clad, as 90% are covering defects or problems. Hope you have a good vapor barrier ovr your insullation if you do go with the vinyl. I am not a fan of it and won't work with it, unless it's to strip it.
Wood is good. (I do love the PVC trim though!)
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