Just having water come out the very bottom is not necessarily a problem. Just about every boat older than 10 years will have that...
Don't panic yet...
How high up is that water and wet black wood? Does the transom flex when you stand on the lower unit?
Pay attention to the corners of the motor well. Thats where water gets in under the aluminum trim.
With you doing all the work, the
transom only will be at least $2500 based on my experience. That's materials and some tools etc...
You need to assess the deck and stringers and tank($500+). Is there foam between the deck and hull? Is it soaked?
This work is not complicated but it takes
a lot of time. The boat is not worth PAYING for someone to fix it. You need to be doing it because you enjoy it. ... because you want the challenge of something new and pride of having accomplished something.
If you want to go fishing this year, it probably won't be in that boat.
Check out Boatworks Today on youtube. That guy has video on everything Fiberglass and he shows you his mistakes....
I'm no gear head but I did stay at a Holiday Inn Express....
The motor is probably where you have some value. What year, model, HP and shaft length is it?
You say it had water pump problem. That is an easy and relatively cheap fix unless they overheated the motor and ruined it.....
Don't run it if it doesn't pump water!
With spark removed, does it turn over with a battery connected? Do a compression check(look it up online)
Does the tilt and trim work? Is it pitted and leaking?
Drop the lower unit. Do the gears go Fwd/N/R? Drain some gear oil...how does it look?...
Does it have cable steering or Hydraulic. How does that function?
If you get that running and your transom doesn't flex and your fuel tank is good and you can steer....powerwash that thing and go fishing (not too far
)
Then, if it feels like YOUR boat, put your time in it....