After six years of cognitive dissonance, we have kicked off phase one of three phases to replace the vinyl.
Here is the before picture:
And here is a picture showing the stucco cut back and the new windows installed:
Proper installation technique always requires cutting back the stucco. It is more expensive but it is the only way to ensure that water that inevitably work its way behind the stucco is managed around the window and out, as opposed to into the wall cavity.
Proper flashing detail:
I will post the stucco repair and the finished project next week.