I know this has been a long running mystery to everyone, including myself! I was out today washing my cockpit floor and went down into the cabin and had a bunch of water on the floor. It would have gone unnoticed but I'm in the middle of a cabin update and I have the step, carpet and benches removed. When I saw the water I started looking around. There was the problem that no one could find! Formula has a hole just under the lighting by the step. You cannot see it because it is behind the carpet. This hole drains the water that is sitting on top of the gas tank into your cabin. So if your getting water in the cabin its not the windshield or the hand rails or the snaps. You have a bad seal on the inspection hatch for the gas tank! I pulled mine off so everything could air out as well as to inspect any wood I could see. I hope this helps with this long standing issue! I can't believe formula never told anyone.

wow, nice find,
I have had the same issue as well,
boats is in storage but I'll check it in the spring

Ok, you may be onto something. I have always known that mine was coming from back under the cockpit floor, but how was it getting past the bulkhead from the engine compartment into gas tank compartment. Do you have pic of inspection hole you are refuring to?
Mine is on a 357.

Bump. One this any pictures OF the Hole ?

What a timely post!!!!!!!! I was just trying to solve the same issue (I think). The bottom floor in my 242 was wet when I got the boat home from buying it in Michigan. I thought possibly there was water in the bilge and I didn;t have the bow high enough in the driveway when I got it home, so I relocated the tongue jack and still. wet carpet. I vacummed it with a shop vac and left the boat open with the sun shing down into the cabin over the weekend, but am still baffled as to how it got wet. Sounds like I mave have this same issue???

Jim you have me beat, I havent uncovered any of my boats yet. Find any thing else wrong ?

Check the caulk that seals the panel above the gas tank! If there is any break at all water will get in and leak into the cabin. Even after i fixed this issue I was still getting water in the collection area under the step. I think what happened is that the floor was saturated and the foam got wet under the floor in the cabin. I've been sucking water out of there for a month. Its to the point now that I only get about an inch of water after 2 days.... It's one of the few bad designs that Formula did on this boat.

So far it's a gem. really just needed a good cleaning. Engine runs excellent, I keep wondering when I'll find something wrong. For $5,000 it was too good to pass up!!! I REALLY appreciate your help Mark and also Lee's. I need your address so I can send you some Molson I'm gathering the parts for an EFI swap....

Post some pictures of your new boat! $5000 is a great deal for a running 242 even if it needed some work.

I'll do that....... I'll get some this weekend. Going to try and take it out this weekend for a shakedown. Then I'll try to figure out how to post them lol