Patch and match
stucco patch
stud repair
Failed stucco is cut off to patch. It had been patched before, without getting to the root of the problem.
Rotted studs and bottom plate is patched.
The culprit here is that the roof had a gap at the edge that you could stick your hand in. The water ran down to the basement and rotted the studs.

I was too lazy to climb up and take a picture, but we covered the hole with sheet metal and a bunch of Henry. You can see the edge of the kickout flashing we put on to deflect water into the gutter, instead of between the gutter and the house.

If you have a townhouse in Reston, Virginia, or anywhere, you may want to check where the roof meets the stucco wall.
balcony rot
We tore off the failed stucco on this balcony to find the old framing and sheathing had rotted away.
We put in new 2 by 6 studs. The plywood on the inside shows that this balcony had been rebuilt or added on since 1926.
stucco cap
flashing and lath
The culprit is this flat porous stucco cap. Water goes right through the stucco and rots the wood below.
The top is covered with aluminum. A layer of new flashing is put on the bottom flashing. The bottom is terminated with a weep screed about 3 inches above the flat roof. Studs are covered with 2 layers of tarpaper and self furring metal lath.
brown coat
The stucco is cut back on the house far enough to put on a new flashing overlapping the existing flash. The bottom is terminated with a weep screed.
For more about flashing, More about flashing
The brown coat showing the new cap, and the patch against the old house. The top of the cap will be rounded for water run off.
finished balcony
1920's dash on texture is duplicated, and hopefully
this will last a few thousand years.
chimney patch

chimney cap
You may have just seen this picture. This should solve the chimney leak.
As a matter of routine, we re-coat the chimney cap, another source of chimney leaks and stucco failure.
I put in a quarter, because I didn't have a dollar coin.