Painting over the subfloor

Wondering if any of you have had any experience in painting beat up subflooring in a brownstone in lieu of getting into refinishing them? I ask because I am moving into a 1906 brick house in Bed-Stuy and, to say the least, the floors have not been kept up well over the years.

My parents own an old farmhouse in MA where several rooms have this done and I think it looks great and gives the rooms a nice feel.

It will be great to hear your thoughts on this.

By bct |