If you look at the picture; you will see that I fixed the last leak with silicone tape.
Silicone tape did a fantastic job. I thought about wrapping the broken pipe with silicone tape. That probably would have done the job.
I am not the one who makes the decision about the repair; however, I patched the leak with a pipe section I got from ACE, some plumbers putty and epoxy glue.
The house was built in the 1950s. The plumber gave a price on all of the plumbing work that needs to be done on the house. The total quote was over $20,000. The electrician gave us a similar bleak quote about electric repairs.
Personally, I suspect the house will be ripped to its foundations and rebuilt when my parents move out in a decade or so.