Siding

I recently saw a home built in 1979 that was re-sheathed and sided (not to mention 2 additions) that were added around 1997. Well the previous homeowner just let it go and all the siding came off from wind im guesing, and the tar paper was ripped all off down to the sheathing, and the sheathing is a yellow colored foam board thing. Like I said this home has'nt had sided since it came of 25 years ago. Anyway could this be saved if i bought it? or would it be to far gone with water damadge?