I may have mistaken what it is called. It looks like the hull to keel joint is visible. Gap is way less than 1/4 inch. Probably about 1/8 inch. Looks like there was glass put on the joint leading edge aft about 18 inches. Previous repair maybe? And there is a small gap at the trailing edge too.
Nothing I would sweat, grind it out, lay in a layer or two, fair it in and call it good. Keel looks nice and straight, no evidence of impact damage, shaft and prop look good, but doesn't really want to turn due to barnacles in the tube, looks like the prop shaft is stainless steel. Rudder looks real nice, bottom needs a real good sanding and a couple coats of bottom paint. But overall everything actually looks real nice. Hull and keel look good, just gotta seal up that hull/keel joint.
