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I just had a boat surveyed that I am interested in buying. 1996 Mako 232B. The surveyor said everything looked good and he would recommend the boat, but a couple of items I'm wondering about. First, moisture reading of 30% in the transom, but no indication of any rot or delamination of any kind, just wet. No indication of moisture anywhere else. Second, the engine a Yamaha 225 Saltwater Series II, 4900 RPM at wide open throttle, and compressions between 93 and 97. The boat was indication 40 MPH at WOT.
Good, Bad, or as expected? Any advice would be appreciated. I am coming to this type boating from ski boats, so there is a learning curve.
Was that moisture reading localized to a particular area of the transom (around trhough hull fittings or trasnducers) or generalized throughout the whole transom?
30% is definetly a red flag. Was the boat recently in the water (48 hrs) or have you had any rain where you are in the past few days? I can't see a surveyor recommending a boat with a 30% moisture reading in a transom. Did he have any notes in his survey about the readings?
30% ng, did the surveyor tap the transome with a plastic mallot for rot? The compression readings are low, should be over 100. The engine is one thing but the transome would make me nervous. I have had to replace one and it costs about $5k. You have a big engine on that rig and it needs a very stable support structure (transome) to control the torque and thrust.
Find another boat.
For what it's worth it took my '78 Mako 20cc 25 years to rot. That's after sitting 15 years uncovered in south Louisiana. She is covered now that I rebuilt the transom. Cost about $500 in parts and many many beers.
I appreciate all the input. I agree 30% is a red flag, but I am starting to wonder if it is realistic to think I can find one with a dry transom. It seems to be a matter of when, not if, and then you get it fixed. It is pretty much all of the transom, with lower readings toward the top, and yes we have had a lot of rain. The surveyor did check the transom thoroughly with a mallet, and found no signs of rot or delamination at all. His opinion was that it would be ok for many years.
I also have gotten different opinions on the engine, that mid 90's and 4900 turns is what you would expect.
I am going to need to make a decision soon and don't want to make the wrong one.
30% or 5%, I would want to know why it's wet! Where did it get all that moisture? If it's drier toward the top it is obviously "wicking" from the bottom.
[1] moisture meters are hard to use and
harder to interpret...what is needed at
this point is a "biopsy"...four holes
with 1/4 in drill in each of four corners
and inspect the tailings...bone dry is
visual as is wet mush...this, in itself, is
not cause to reject the boat, but get 2-3
estimates and get the price reduced by that
amount
[2] the engine is shot...if you plan to re-
power anyway, not a biggee....lost compres-
sion is BAD, and you are also looking to
do some MAJOR engine work on these...at the
very least, get another estimate for a ring
and valve job and reduce the price more..dan
dry doc is right on. A moisture meter is only a tool used to help identify a possible problem. Another tool is a thermal imager, this will illustrate exactly where the moisture or previous repair is located and of course is a non-desctructive test (NDT), more and more survyors are using these along with the trusted tap tap hammer. Be patient and good luck finding the right boat.
Engine is shot??? I thought 4500-5500rpm's was recommended. 4900 seems right in there. I could see a re-prop job to get them up a little higher maybe. Is it the upper 90's compression thats really the problem?
advice needed! 
If it's drier toward the top it is obviously "wicking" from the bottom. 
