Please see photo below. I am looking at buying this property. Could you suggest what steps should be taken to ascertain how bad this problem may be. My understanding is that the stucco mesh…"
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Billie - The whole neighborhood had the fascia board replaced and that is an easy and relatively inexpensive fix. A G.C. friend said that the good news is that there are no water streak marks running down the stucco but you have open it up to make sure there is no rot, mold, termites, etc. He estimated $2,000 to $4,000 to repair as long as there are no problems.
I am not a home inspector, but it appears to me that the damage may have been caused by water penetration, which you will want to correct before you repair the underlayment & stucco. The fascia board looks damaged, and I don't see any gutters. If the roof is flat, it may have a drainage system which you may want to check.