Apparently, this has worked this way since day one. It’s a mid 50’s house. I believe the water heater should connect above the furnace vent into the chimney. The listing agent says the buyers just had the furnace checked by an HVAC guy before they purchased the home warranty, and didn’t say anything. I say the HVAC guys weren’t concerned with the water heater venting, they were checking the furnace.
Both drafted okay with smoke test.
Do I write it up anyway, or let it go?
The smaller BTU vent is installed higher than the larger BTU vent. Write it up.
Is that an optical illusion or is the water heater vent angled down before it enters the chimney?
Like Stephen said, write it up including the downward run, of vent pipe just before the chimney, if it really does that as it appears. And, what is wrapped around the H2O vent pipe near the chimney?
That wrap looks like Fly Tape. Maybe they eat in the basement?
I figured someone would catch that. It’s masking tape holding aluminum foil in place. Musta been to cover a pinhole or something. There is a slight downward angle as well. I knew I was writing those two things up, but couldn’t understand the smaller BTU appliance venting into the chimney below the larger one, and why it worked all this time, and did okay on smoke test.
It’s a brand new RE agent for me, so I didn’t want to be an “alarmist”, but a defect is a defect. I’ll call it all out.
Thanks guys! 
I know what you meant, Stephen, but I corrected it anyway. I don’t want a newbie to read this thread and become confused…