So would a lender.The big question though is, if I bought the place then hired someone to both reposition AND manage the place, would there be any "meat left on the bone" to be profitable?

Good bones, bad state.

I also wonder if there are sellers out there that still sell on actuals and leave proverbial meat on the bone for the next guy. 

I am a wholesaler in Charlotte, NC , I find properties primarily in Charlotte and I'm looking for cash buyers who don't want to spend all their time trying to look for great deals, I find them and always leave plenty of meat on the bone for you b/c my business only works when it's a win-win.Please PM me if you are interested in having me be a resource for YOU

The off white may be a very light member of the greige camp, but the other two I would call bone and...well, beige and not greige and not tan and not almond (note, I am color challenged but beige can be yellow or pink and while neutral, completely outdated due to undertone...my first and last quart of greige, used as asubtle accent wall, had a disappointing purple undertone.)  

How can this be accurate as that leave NO meat of the bone to rehab, sell & make a profit.

You might get compensated by this but in many cases there is just not enough meat on the bone and a settlement is reached.

This may put a little more meat on the bones and make it more interesting to someone looking to do a deal without a lot of cash.

(There's no meat on the bone, walk away)

Even a semi-competent realtor can walk a client through an old house and talk about "good bones".