Re: anyone ever heard of a Elgin motor
What hasn't been mentioned here is that you could well be talking about a 50 - 60 year old outboard. I'm not saying that is bad, just something you should know. If it were me, I'd rather have the Elgin than a newer (10 - 20yr old) outboard. If maintained, the Elgin will probably still outlast a newer engine. Parts aren't 'off the shelf', but shouldn't be bad to find. If the engine is running well, and you maintain it, then ignition parts (coils & points) are about the only things you should expect to maybe have to replace in the near future. To me, $125 seems a bit high for what it is (almost getting to be a bit of a 'collectors item'), but when put in the context of what you would need to pay for a good nice running 5hp outboard its pretty dirt cheap.
Oh yes, as mentioned above, if it is a mid to darker pea green in color it is most likely 1950's.