Assuming masonry is out of the question due to cost, my advice would be to take a very close look at the surrounding homes that will be used as comps by an appraiser when the house sells. You mentioned this is a rental so I suspect there is very little to no emotional attachment to the property. If so, be sure not to overbuild. Also in Michigan, Fibercement will likely be in need of a repaint.
Cement siding is a good material and is lifetime, but if he isn’t the one worrying about painting every so often than it comes down to preference, not all vinyl is cheap, there is many great vinyl solutions, the question boils down to maintenance free or stain, or paint, there is cedar siding, cedar shakes, vinyl cedar impressions, vinyl half rounds or scallops, hardiplank/ cement board, if he is selling the best solution would be to put a material where he’s going to keep money in his pocket but still give it a new look for the buyer
Great question, Conrad Consulting & Remodeling LLC! If he is going to sell in 5 years, he will want to use as many selling points as possible during his presentation with a potential buyer; therefore, consider the warranty of a product when selecting it for this specific purpose.
If you choose James Hardie siding, the product holds a 50 year warranty. But, make sure that the product is handled properly and installed correctly. If you do not know how to install JH siding, then use www.HardieAlliance.com to find a qualified and experienced professional to complete the project. Hardie siding comes with a lot of fine details with the install - down to the size and type of nail. Plus, if you select JH, make sure to purchase ColorPlus siding for all boards - both trim and siding. And, when you handle the product, ensure the material does not come in contact with wet ground or install on wet/damp house wrap as this will damage and void the warranty. But, JH provides a nice-looking finished product that can withstand the harsh winters of the Midwest. Also, the investment is usually around $15k-$20k for material and install and about 1-1/2 to 2 weeks for a whole house install.
Also, since you are from Michigan, contact your local ABC Supply and ask about their vinyl siding options. I know ABC inventories Ovation by Plygem, which is a nice vinyl siding option. But, if you select vinyl siding, choose dutch lap; it provides a more appealing and more expensive aesthetic. But, look for a quality product with a decent thickness and a UV inhibitor. The thicker the siding the more expensive, generally. But, the price is a few thousand less than JH. Good luck on your project!