Further to Mr. Jacobson's response:
1. Unclear what this last word on the 1st line means
It's 2 words: א מתנה = a gift
2. May be a diminutive of Leah
It's indeed a diminutive of Leah
3. There are more than 50 towns in several countries in Eastern Europe which has “Ostrow” as a part of its name. The illegible word following “Ostrowetz” may contain an indication as to what specific town is referred to here.
The illegible word is not part of the town name, it's the word "the", goes with the date "the 4th of January"
The final illegible word is "year"
Following is the complete translation of the text:
A gift to our beloved uncle Mendel and dear aunt Sara
Your niece and nephew
Leitshe and Avrohom
Ostrowetz, the 4 January year 1938