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What makes me most concerned is the open gaps in the caulking. This will allow water in, causing rot and mold. If you are very serious about this PU, I would inspect the inside corners very closely for rot. Open up any access panels and look and poke at the wood and floor. My tool of choice is an awl (ice pick), next would be slotted screw driver, but the PU owner may not like that. But pulling out your key ring and using the largest key (the owner my not even consider objecting to). Push on the wood/flooring/paneling with the tip of the large key will give you an indication of the condition. Make sure to check the floor in those areas too, you can also look from the underside of the PU too. Make sure to have a good flashlight with you.
I do not know what product Jayco used as siding on PUs of that era, my brother has it on his TT, and I have done a lot of work on it over the years (he does no maintenance on anything). From what I can tell the walls do not delaminate like a modern fiberglass TT. It is like a heavy plastic shower wall/back splash like material. From the images I struggle to determine what the siding issue(s) are. My first thought, it is from a something leaning or rubbing against the siding for a long time. But the marks are not consistent with wind flapping a tarp.
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