I’ve just found beetles (see picture). I know the signs, little holes in the wood all over.
This is on a 1925 stucco home in the San Francisco Bay Area fog belt. The evidence was found on a open foundation vent that’s not protected from weather (apparently never painted since 1925).
Similar beetle damage appears on a decades old stored wood pile on the other side of the house, which cannot be moved because of the owner.
I’m considering painting over this, then recommending monitoring for additional holes appearing. Your thoughts? In the picture the plywood is a modern shear wall, outside is the other direction.