I have recently purchased a Mark 0 Tophat 25, the wooden hull variety, but have recently discovered a concerning amount of wood rot. The worst of which appears to be a spot the size of a 50c coin on the hull where a bolt remains after one of the strip of woods running down the hull have detached. The wood is very soft and falls apart easily when touching it. There are a few other areas where the strips are detaching, and some where they are cracking. The bottom of the bulkheads in the bilge are also very soft and rotted, however this only affects the lower portions so perhaps so wood penetrating epoxy designed for rotted wood may help with that?
I am unsure as to what should be done about the strips of wood and the hull. Would something like the penetrating epoxy be enough, and if not, what are the other options. The boat is currently moored at lake macquarie and i do not plan to sail out of the lake until it is fixed and safe. The boat also does not have a working motor, and even if it did, i could not afford to haul the boat out considering the cost of the bond at the marina.
Any advice would be greatly appreciated!