Lean a ladder against the house to gain access to the eaves.
Scrub the underside of the eaves with a wire brush or scrape them with a metal scraper to remove loose, peeling paint.
Put on eye protection and rubber gloves.
Add 1 gallon of water to a bucket and 1 cup of chlorine bleach.
Bring the bucket up the ladder. Secure the bucket to the ladder with a hook or tie it with a rope within easy reach.
Submerge a scrub brush into the bucket and scrub the eaves to remove any remaining mildew. Continue to scrub the eaves until no mildew remains on the underside of the eaves. Rinse the eaves with water from a garden hose. Let the eaves dry fully. Drying times vary depending on the outside temperature and humidity.
Cut the tip off the tube of exterior-grade, paintable latex caulk with a utility knife. Pierce the inner skin of the tube with a sharp nail. Load the caulking tube into a caulking gun.
Squeeze a bead of caulk into the cracks to fill them and build the caulk slightly higher than the surface of the eaves.
Dip a putty knife or your finger into water and press and smooth the caulk. Let the caulking material dry for two to four hours.
Pour exterior-grade latex paint into a paint bucket. Dip a paintbrush into the latex paint; wipe the bristles on the edge of the paint bucket to allow excess paint to fall back into the paint.
Place the brush at the point at which the house meets the underside of the eaves and move the paintbrush back-and forth to apply the paint. Work toward the edge of the eaves and to the left and right as far as you can reach without leaning. Move the ladder along the underside of the eaves to apply paint until paint covers the underside of the eaves. Let the latex paint dry for two to four hours. Brush on a second coat of paint using the same method as the first coat.