Finally got a (mostly) conclusive answer.
My research, along with comments/answers here, was leading me to believe this was probably one-coat stucco, which is somewhat similar to EIFS but uses real stucco materials rather than synthetic.
From what I've read, older EIFS is typically layered like this (I think I've forgotten a layer of paper in here somewhere):
- A backing substrate such as gypsum board or plywood
- A layer of foam insulation attached to the substrate
- A thin layer of synthetic base coat over fiberglass mesh
- An acrylic finish coat
I believe (the slightly misleadingly named) "one-coat" stucco is layered like this (again probably forgetting a layer of paper):
- A backing substrate such as gypsum board or plywood
- A layer of foam insulation attached to the substrate
- A layer of portland cement base-coat over metal mesh/lath, typically with fiberglass fibers added for enhanced durability. This combines the separate scratch coat and brown coat layers of traditional three-coat stucco into a single coat.
- A finish coat
The major difference compared to EIFS is that one-coat stucco uses a thicker layer of real cement over metal mesh, instead of a thin coat of synthetic material over fiberglass mesh. It sounds like it's less durable (in terms of impact resistance) than three-coat but more durable than EIFS. Additionally, the cement base-coat doesn't trap moisture like an EIFS synthetic base-coat, so the wall should be less likely to suffer from mold/rot.
My girlfriend went door to door asking neighbors what they knew about the stucco. One family she spoke with turned out to be original owners and were familiar with the construction technique used.
They told her the construction uses two layers of real stucco with foam insulation. She hasn't been researching stucco as much as I have and was caught off guard by their level of technical knowledge and got somewhat lost in the details. When she summarized the conversation to me later she wasn't certain if they were saying the construction uses two coats of stucco (perhaps referring to the base coat plus finish coat used in "one-coat" stucco), or if there are two layers of stucco with a layer of foam in between (if that even makes sense). She did recall that they specifically mentioned brown coat.
While she didn't completely follow their technical explanation of the exact construction method, they were aware of the foam and quite certain that the outer material is real stucco, not EIFS.