Pretty common. That hole is where the step attaches to the gear leg. There is either a service letter or AD about it.
The step was originally riveted on. You have to remove the rivets and clean the holes in the gear legs. After a through inspection, the step gets bolted back on with AN3 bolts. I think there is an inspection interval where you have to remove the steps and reinspect. I would have to go back and look it up to know for sure.
If you look closely, you can see the holes in Barfly's gear leg.
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