I am just getting started with the hobby and this motor. Is this a late 30s Waterwitch sold by Sears? Any information regarding the year and model will be appreciated.
I suspect it is around 1939 or 40. Photos are from my picture files. Model # would have been on a decal on the rope pulley. They sold a lot on these on looks. They weren’t a very good motor. While examples in like new condition are quite pricy, most are found in the same condition as yours. Your starting in the basement as far a pre. WW-II outboard motors. Most of the Johnson and Evinrude motors from this time are excellent motors. There are popular models that can be expensive, but nice examples, of some models, can be had found for next to, and some times, nothing.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.
Stephen, mind what Tubs said .. your motor will be a challenging project for a first timer. Even when in good condition they can be temperamental runners. No harm in taking it apart, learning and assessing the condition of the parts and pieces.