Abstract: A drill bit includes a body defining an axis and first and second cylindrical portions, a coupling adapted for connection with a rotary driver, and a depth stop adjustably secured to a first portion by a plurality of adjusting fasteners in a manner to limit penetration of the bit into a target surface. A method of drilling a hole into the surface includes locating a drilling machine fitted with a drill bit over a target location, compensating for wear on the bit by setting a depth stop to limit travel of the bit at the predetermined depth, drilling at the target location until the depth stop contacts a surface, where the primary cutting surface forms a portion of the hole defined by a first diameter and the secondary cutting surface forms a portion of the hole defined by a second diameter in a single step, and removing the drill bit from the hole.