Re: OMC Cobra 1987 Leak through transom area??
If you have a 1987 Cobra powered boat, and the transom is original, you may have a rotten transom. You may be lucky, and just have loose hardware. At the very bottom of the opening, on the inside, there should be a SS plate that went between the bottom two studs. With a 4 cylinder engine it is not too hard to get to these nuts. See if they are loose, that was common with this design. Work your way around all of the nuts on the inside and try to tighten them. While you are in there, see if you can push a screwdriver or knife into the raw wood, hopefully you can't.
If the transom is tight, and not rotten, the following are possibilties:
The shift cable hose, it is off to the starboard side. The ujoint bellows is in the center. The exhaust Y-Pipe is in the center at the very bottom, and has an o-ring that can leak, or the pipe will somethings errode away and cause a leak. There is also a passage where the trim sender wires go through, not often an source of a water leak.
Good luck!