Thanks all for your replies.
I decided against IKEA because none of their stuff is standard sized so I'd be limited to using them any time I needed to replace something.
I spoke with Mr. NP last night and we were convinced that we were going to build a new vanity out of stainless but now, after reading the responses, I'm second guessing it.
I do know that I will not be buying another wood vanity.
My options now are to (a) rehab the existing vanity or (b) build a new stainless one.
If we build an open stainless steel vanity for the bathrooms, we will include a stainless steel shelf so there are more storage options. This will be a nice looking vanity, BTW. It will look similar to the one below except the stainless will be satin polish instead of mirror, the shelf will be stainless, not glass, and the vanity top will be a standard "engineered marble" like below.
Since the vanity top will be 49" wide with only one sink, there should be a good amount of space to set things. Additionally, I'll replace the existing mirror with a medicine cabinet for more storage. I may convince MNP to weld some hairdryer hooks on the side closest to the outlet. Right now, the estimated cost for a vanity is $200 in materials + another $215 for labor. So, it'd be $415 each. The new top would be $159. A medicine cabinet would cost $150.
If we rehab the existing vanity, I will get new drawers and drawer front and get a new top. The drawers + front would cost around $75-100. I'd have to spend time repainting as well. The new top would be $209 since it's 61" instead of 48". I would leave the existing mirror and just repaint the frame.
I think the stainless vanity would look cool and modern. It would be nearly indestructible and allow for easy cleaning underneath. It would be 48" instead of 60" so any subsequent tops would be cheaper and the vanity would not be up against the wall. If I remove the existing vanities, the floor guy will be able to ensure his new flooring extends underneath it.
If I rehab the existing vanity, it will be cheaper. Subsequent replacement tops would be more expensive and the top would be against the wall so there's the potential for wall damage. Also, it could get destroyed by the next tenant and I'd be back at square one.
Maybe some pics would help. I'll post some from my phone in the next post.