Ok I zoomed in on the side view and I see something sticking out, can't tell if it is a thread or actually a piece of the leather.

Either way doesn't inspire confidence, I don't think I'd want to carry it with a bit dangling off like that and would have to pay for a repair. I guess I'll wait and see if it gets marked down more to make it worth my while... Or I wonder if I should buy it as-is and try to get a partial refund if the condition is just too bad and the damage wasn't pictured? It is already categorized as "Fair" (lowest rank) though so not sure on that.