This does sound like the James Hardie product that was really popular in the 1990s, was approved by the relevant authorities, and then caused the leaky home crisis.
Get a proper building inspection done. Make sure they check the flashing and eaves at the top. (I spotted this from a photo on a real estate website once - can be done!)
Never heard of the red praying. Repaint, yes, every 10 years at least.
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