Bulges at bottom of the wall.
I have a 1911 stucco farmhouse that is in need of repair. It is real stucco, not eifs. Would you be willing to take a look at the job? Pics are below are of the right side of the house, primarily the bulge below the lower window towards the rear.
The window wrap is poorly done, creating water funnels.
Window wrap is sheet metal that is made to cover old wood trim that is in bad shape. This avoids repairing the trim or scraping and painting.
This wrap is overlapped and not underlapped.
You can see the obvious water funnel on the left. The wrap was started at the top instead of the bottom. Also, the wrap probably doesn't go under the old window. Water that runs down the window runs right into the wrap, and into the wall. The wrap on the top doesn't go under the stucco, but over the stucco. If the wrap went under the stucco, there would be a patch over the window. Zooming in the picture at the top doesn't show a patch over the window, so the wrap goes over the stucco.
You probably don't have termites, because the foundation is so high. It wouldn't hurt to inspect for termites from under the crawl space, on the inside. You may have carpenter ants, which are easier to detect.