I agree with previous post. Prep work will be key. I would have recommended concrete stain but I doubt it would work given the floor condition. My basement was done 25 years ago with VCT ( vinyl clad tile ) like you see in schools, supermarkets etc. it’s held up well but to do over again I would have had the epoxy done by a professional. Zach Meny (pinball network) had issues when a professional attempted to do it at his home. Paint is ok. Given size and limiting cost it might be the only solution. Time to start removing the old paint and prep the floor. Post some pics. Throw rugs are also a cheap and easy solution. Cover it up and it’s gone.