If you can see the rot, what about what you can't see? By the time it's
visible on the outside you've UNDOUBTEDLY got a much bigger problem inside.
Pull a panel and see. Half-assing it just by painting over is a mistake,
using anti-freeze even more so. Right now it might be a simple matter of
replacing a panel and possibly some insulation. Ignoring it will end up
with having to replace the sill plate, insulation, the bottom of the studs,
the inside wall and drywall, the paint, etc. Then there's the bigger
question of WHY did this rot appear? If you've got decent water run-off and
you keep it clean there's little reason for something to rot.
Ignore it now and you not only waste the time and money on the paint but you
end up making the eventually replacement end up costing triple that, if not
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