Stucco seems to work fine--- properly applied in a place that NEVER
freezes. Ultimately, it's the same stuff that they made "adobe"
structures out of in the 18th century.

If it's cracked, hell, just assume that it's "gone" and that the
whole lot will have to be stripped off and some other form of
siding installed. There are more modern stuccos that are more
resistant to weather, but however you calculate it, this stuff
has probably failed.

Remember, YOU are the buyer in a "buyer's market." Vertical
cracks equal "poor condition."

My parents live in a house that my grandfather built in 1941
in Ventura, California. (They moved in on Thanksgiving of
that year--- Pearl Harbor was days away. Imagine!)

The original stucco lasted in that temperate climate until
around 1998. It was re-coated with a "modern" material then,
and it failed within a few years. They had to have the old
"new" stuff removed and the work re-done several years ago.
We'll see how that works out.

In the current market, I would just assume the worst and be
willing to walk away if the seller won't suck it up and deal
with the reality that the place needs some other exterior
treatment.

And I'd rule out any kind of stucco if you're in a climate
where it freezes more than once a year.

Now, then, fiber-cement siding--- that's the real stuff!