Here for your consideration is an "OMC" (newly formed entity from the Great Depression ruins of: Elto, Lockwood, possibly Caille also and Evinrude) 1936 model year Evinrude Model 4158 2 1/2 horsepower HANDITWIN. By 1936 the original Elto entity (along with Lockwood, Caille and the other small ones consolidated) was fully blended with Evinrude- in other words, Elto went from being a premier independent brand to being a slightly less expensive alternative to Evinrude. The cost was cut a few dollars a unit by the Elto units not having any shrouding whereas the 1936 Evinrude Handitwin is exactly identical but would have had a front cowl "cover" to cover the spark plugs. This Elto Handitwin has no such cowling and no holes for it.
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This motor is from the northern midwest USA and has ONLY ever seen fresh water usage with plenty of LONG winter and probably a few decade-long naps!!! The motor pulls over with stout and even compression on both cylinders- this is a TWO cylinder motor with opposed cylinder format. The motor starts and runs and runs pretty well- especially for badly needing spark plug boots!!! For all I know you'd be smart to replace the spark plug wires too. I'm 100% sure that period correct spark plug attachment hardware can be found on the internet that would have matched OEM very closely if not OEM that has been reproduced.
I am not sure what sort of water pump this motor has- rubber, metal (usually lifetime and worry free), wobbler, etc. It would be smart to replace the lower unit grease- this one would probably be best with a John Deere Cornhead type grease- thicker than your modern or even classic outboards because lower unit seal technology wasn't that great in the 1930s!! Also research what type of impeller to see if it's needing to be checked. Most of the decal is gone but the tank is in all in all nice shape for a vintage plated tank that's 83+ years old!!!