Just look for the "black" in the grount...will indicate a split, gap or hole.

(Seller like this concept, but does not like being in second position)Seller indicated that they are not in a hurry to collect all the money.

I guess that is a indicator of a healthier housing market so it's not all bad.  

Auction "starts on Monday" seems to indicate this is an REO.  

I am still wondering if there is any metric to indicate the improvement/renovation is a good idea (ie $300 of renovations will be recouped in 6 months due to the $50 increase in rents, and anything over 6 months is probably not worth the expenditure)? 

All of those things indicate a motivated seller which is what you need if you are going to be buying at a discount.

However Dollar General has indicated that they will not consider a lease extension until 2016 at the earliest.

The property's current value, which the appraiser gave an opinion of, is indicative of it's current state of needing repairs.

You're making an offer contingent on financing and should indicate so on your offer.

Just stipulate that the purchase price shall be adjusted to the actual loan payoff amount if lower than the purchase price indicated in para. 3 of the contract.