KingoflondoN

I am moving into a house and the landlord has given me free reign to decorate as I please. The dining room floor is wood that has been painted grey. The land lord mentioned plans to paint it brown. I am curious if I would be able to use a palm sander and sand it with rough paper then sand it again with fine sand paper, vacuum the dust up with a shop vac then stain and varnish it. I have done wood work in the past and am proficient with basic woodworking but am not familar with wood flooring.
I am a stay at home mom so time isn't to big of an issue, I just don't want to damage the floor. Our budget is pretty small so I figured a lot of time and elbow grease would hopefully do the trick. The room is about 120 square foot.
It is an old farmhouse probably over 100 years. Tomorrow I am going to do a thorough examination of the floor, I don't know if they just painted it because it was easier than having it redone.