In California, PVC was approved for water supply line from the water meter to the house. Today, nobody that I know uses PVC for this purpose. In fact, in the first sign of trouble, homeowners are switching to all copper line.

If you don't want any unpleasant surprises and have the money, replace this old PVC pipe and install copper. That's what I've done in all my rentals that came with a PVC supply line.