Hello Chad, I'm thinking it may be time to remove the swing keel and have a look inside the centerboard trunk. You will want to do this for piece of mind and perhaps the only way to find the actual leak. Oddly enough on my M23, the leak was a worn hinge pin area that allowed water to enter the bilge. I think the M17 is different but the fact remains that you can't see much with the keel installed. It will also give you the opportunity to replace the pendant, re-surface and paint the swing keel, and examine the wear on the hinge and stop pins. A bit of work but once done, you won't need to second guess the operational condition. Keep us informed. Later, Bones