So for months I'd been noticing a wet patch on the ground under the white PVC pipe coming out of my siding. Not a ton of water, just enough to keep the gravel dark, and it sat right near the gas meter so my brain went straight to the worst case. I almost called an HVAC company out of pure panic last week.
Instead I watched the thing run for a full cycle with a flashlight. White puffy vapor out the top, which I knew was normal for a high efficiency furnace since the exhaust is cool enough to acutally condense. Then sure enough, little drips coming off the open tee fitting facing down near the bottom of the pipe. Turns out that open end is the whole point. High efficiency furnaces pull so much heat out of the exhaust that the water vapor turns back into liquid, and that tee gives it a place to drain out instead of pooling in the pipe or running back into the furnace.
Checked with my neighbor who used to do HVAC, and he laughed at me. Said if that hole got plugged or somebody sealed it up, you'd have a real problem. So the water where it drips is doing exactly what it's supposed to do. Six months of worrying over a feature working as designed. Feels good to close the browser tabs on that one.