Look inside the front wheel arches. The lower, sloped part of the rear wall is a closing panel which keeps water out of the rocker box/door sill structure. The closing panels seal to the fenders with rubber seals. If the car is undercoated, it may be hard to make out the details. If there are any openings in this area, water can get into the rocker boxes and make them to rust from the inside out. If you find large, jagged holes, it's time to worry. The closing panels and seals on my car are new, but they did not seal to the fender completely. I used some caulk to fill the gaps.
George Davis
'69 280 SL Euro manual