My husband, who is a flooring contractor, has this suggestion:
Leave the particle board in place. Purchase 1/4 inch marine grade plywood (marine grade is a little more expensive, but in the long run will be much cheaper - water won't get into it) and install that over the particle board. You can then paint it or put vinyl over the plywood.
He says painting the particle board won't work. The paint will peel up. His experience with vinyl tiles is that they shrink. If you install them over particle board the particle board will begin to disintegrate under them because stuff will seep through the cracks.
Leave the particle board in place. Purchase 1/4 inch marine grade plywood (marine grade is a little more expensive, but in the long run will be much cheaper - water won't get into it) and install that over the particle board. You can then paint it or put vinyl over the plywood.
He says painting the particle board won't work. The paint will peel up. His experience with vinyl tiles is that they shrink. If you install them over particle board the particle board will begin to disintegrate under them because stuff will seep through the cracks.