Re: 1984 Volvo Penta Outboard leaking.
It still can be positive as long as you can keep the water out from entering, altho rot an not be stopped. Check the transom for flatness if it is bolded the transom house can not seal properly flat. Replace the transom bolt washers on the outside there must be a seal washer in between, re-seal with kit do this on all the bolts then retorque them, remove all the caulck and properly clean the edge all around the transom house to transom. Roughen it up degrease properly and re-seal with a nice beam of kit, no silicone! (I always use $$ sika pu adhesive, dunno the number) You might be lucky when you remove the transombolts that you can pry the house some distance from the transom to clean and re-seal behind also. let it dry out properly.