TOPIC: Exhaust venting - OK OR NOT OK?

Ok, so the water heater vent flue is just above and to right of furnace flue -
IN YOUR OPINIONS , IS THIS " GOOD ENOUGH" ?

OR does it raise a concern?

I would not have a problem with the smaller vent being offset to the right of the larger vent.

But I see moisture below the larger vent and the masonry seal is starting to deteriorate at the vents as they enter the chimney.

What did the exterior chimney and caps look like as well is there a clean out (I would open and take a pic if the access was open able.

The Water Heater flue should NOT turn down, ever!