Mercruiser 3.0 leaking water from right side of engine, even when sitting. No water in the oil, seems to run fine but sprays water.?

Just picked up this boat for free from a rancher. Seems to run ok but shoots water out of the spot shown on the video. I’m assuming the block is cracked but I’m not sure if I should try and repair the whole seam or pull the block and repair it that way. Not looking to drop a whole lotta money into this.
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