Unless you are buying some really low end commercial property where $800 is significant... but in that scenario I probably wouldn't do the deal anyway. 

Looks good, low maintenance.

(ie lease it to a neighbor for storage, charge someone to park their boat on it, etc.?)

The Low-Down on Real Estate ICOs

The seller had moved the garage wall, only making room for storage and no car.

Pueblo has its problems there is no question about that. but i believe we can come back to a great city again, it would help if we could get our brothers and sisters to the north of us to stop looking down there noses, and start looking at what is good for Pueblo is good for CO. did you know there are plans to start the building of a new rail mill in Pueblo for $750 mil that is 3 to 4 years of jobs for contractors. i have worked full time in both Springs and Denver and anyone that says they dont have the low income areas like Pueblo are kidding themselves. 

Is there some sort of legal litmus test for whether something is trash vs whether it needs to be put in storage?  

I feel like I am missing something as I struggle with the idea that middle TN is at an all time low for housing, but I cannot build for cheaper than buying....

Also, without seeing the property, I would assume a 10% repair estimate is very low.

Now $40k offer price may be too low and won't be accepted, but I used the formula ARV * 65% - Repair cost to determine the MAO.