Being an HD-25 would make it a post-war motor. It would be a 1946-1950 model 2? horse. They made an HD-26 in 1951 before those old rotary valve 2-stroke motors were replaced by a reed-valve 3-horse for 1952, the start of the great JW series.
Are the original paint & decals still on the motor? 46-48 look like this:
A 1949-50 would look like this:
