I have a 1988 omc cobra taking on water. My father Inlaw says it is bellows and I really think it is transom seal. I filled the hull with water and I get leaking from underneath where transom meets boat. And when boat is in water it leaks from where the inside transom plate is at the bottom where there is a hole in plate. I have attached video of leak on a link and I have a video when I got home and filled hull with water