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Wood stain does go bad, but it will last in the can for between three and six years, provided you use proper storage techniques. Storing wood stain in open containers or in extremely low or high temperatures will cause your wood stain to become unusable much more quickly. Water- and latex-based wood stains typically last for just two to four years, while oil-based wood stains can last for three to six years.

When applying multiple coats, wait four to six hours for each coat to dry. Not waiting long enough can result in streaks, peeling, and uneven color. Plus, it will be more difficult to discern where the second coat has already been applied.

Ultimately, overapplication of stain can compromise the deck's appearance, durability, and longevity. It may result in an uneven finish, with excess stain pooling, dripping, or drying into thick patches. It can also obscure the wood's natural grain and texture, detracting from the desired aesthetic. Moreover, excessive staining may not fully penetrate the wood, leading to poor adhesion and premature wear. Additionally, thick layers of stain are prone to peeling, cracking, and blistering as they struggle to bond with the surface. 

Ipe wood can last up to 75 years with minimal maintenance because its own oils help to preserve it. However, to get the most out of your Ipe wood deck, you should perform some routine maintenance, including regular cleaning, sweeping of leaves and debris, and rinsing spills with a hose. It’s also important to repair any deep scratches as soon as you spot them and reseal the deck annually to protect against scratches and scuffs.