I’m not that familiar with this model. Are you saying the water is directly under the engine or starboard side of it. If the later I would check the hoses on that exhaust side. If under the engine you could have a leaking bellows, swivel shaft seal, engine hose or freeze plug. Does this only occur with the engine running? If so does it happen with it running but in neutral? Do you keep the boat in the water when not in use and no leak then?
1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2