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My first guess would be the shaft packing nut. I've seen boats take on plenty of water with a bad shaft seal. $5 for a new seal. They need to be replaced almost every 3-4 years anyways.
Then rudder.
Then exhaust.
The chances of you taking on water from your rubrails is minimal versus the first three options. Possible yes, likely no.
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I will agree with Haugy...I guess I didn't think about those because they are not problems for me yet. My big issue with taking on water was the rub rail but those others all sound like "better" culprits now that I think about it.
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I see, I have the flapper style exhaust but I just assumed this connected (one piece) right up to the large pipes by the engine. So I was thinking this was sealed and wouldn't be a source but I will double check when the boat gets out of storage. Thanks!
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Thanks haugy, you know after all these great suggestions and comments, I have a pretty good feeling it's shaft seal, this makes a lot of sense. Especially given the fact the previous owner let this boat sit in storage a lot without use. This would certainly point to seals drying out and leaking. Thanks again to everyone for the help, I'm really glad I joined this forum. Cheers!
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All areas need to be looked at. Exhaust, Rutter and s,haft. Most of the time igs the shaft. Its a $10 fix so start there.
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Turns out it was simply the shaft packing nut was not tight enough. I tightened it down so just a drop of water every few seconds comes up the shaft to keep it cool, problem solved in case anyone else runs into this problem.