According to my notes, there is a rock about 5m (16 ft) north-northwest of the buoy. The rock is about two feet below the surface (at fall lake level) which would put it about three feet below the surface today.
One problem with this rock/buoy is that it lies in one of the "Zones of Ambiguity" (as Bizer calls them). In this case, boaters should stay southeast of this buoy. The ambiguity is: Should the buoy be red (so that one passes to the south) or black (so that one passes to the east). The other ambiguity zone arises when one is to pass northwest of a buoy. So, if the buoy is southeast of the hazard (as in this case) or northwest of the hazard, look at the chart.
There are other buoys that lie in a Zone of Ambiguity, like the buoy southeast of Treasure Island (as RG pointed out). In most cases, it is intuitively obvious on which side to pass (e.g. Ayers Point, FL#25). A good rule-of-thumb: If there is a lone buoy, the hazard usually lies between the buoy and the nearest shore.
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