Best way to create an application that completely replaces a real world object with an augmentation?

I would like to develop an app that can automatically detect and recognize certain features of an outdoor environment (billboard, stop sign, fire hydrant, etc.) and then augment those features by overlaying a pre-generated 3D mesh of the same object, except this time it's textured in a different color. The real-world object should be fully or partially occluded by the augmentation (partially as in, certain parts of the real-world object should be 'highlighted' in a different color by the augmentation)

What is the best way to do this? I've done some experimentation with Vuforia but I was having difficulty getting it to recognize my model targets. Is this use case possible to achieve in ARFoundation?