I have a house built in 1907 with thin wood siding that would take too much labor to make it look acceptable. So instead I had an idea. I Stapled a vapor barrier to the siding and installed flashing around the windows and doors.
Next I then installed metal lath over the exterior and install drip edge and other edge products to support stucco.
(I ran special screws from the metal lath, thru the wood siding and into the Studs.
The I applied a thin scratch coat over the metal lath and using a noticing trowel ran scratches horizontally so the next coat would stick.
Then after a week I applied a Brown Coat over the Scratch Coat, a little bit thicker.
Then another week later I applied the Top Coat with added Color Coating into the stucco.
So now I have a modern Stucco house that no long looks from 1907, but now around 1980's.
At that time, year 1997, it cost me under $2000 for all of the materials plus some extra hands. Vinyl siding at the time would have run me a lot more and wouldn't have held up as long. It's 25 years later and I'm happy I never have to re-paint this home, only the wood trim.
--47.156.xx.xx