Painting - asphalt siding

We are in the process of buying a 2-family house that was built in 1890. It has ashpalt siding. It is grayish/black. I was wondering if it is paintable and if so what kind of paint would I use. Do I have to use a primer? I would like to paint it white. Also what would they have put underneath the ashpalt siding. I was thinking of ripping it off and painting whatever is underneath or putting up vinyl siding ourselves but the house is 2500 sq. feet and I am thinking it would cost a fortune. All input is appreciated. Thank you.

You can paint it. Use a primer first. I'm not sure what may be underneath however. I would cost alot to side it. I bet over 10k easy. But vinly siding is great ( low maintenance) . I painted a house like this and found its easiest to spray it

Thank you for your quick response. Do you know what kind of primer and paint I would have to use?

Use an oil primer and a good brand latex. I prefer Sherwin williams A-100 and superpaint

Thank you very much for the information and quick response.