I am one of "those guys"...
I almost always hold out for a nice (EX+ or better) condition example. The few times I've bought a "beater", I always got killed on the subsequent upgrade. Plus the visible flaws just bug me more than most people. I end up looking more at the flaw than the pennant itself (OCD, I know...)
As a long-time pennant collector, I'd personally deduct at least 50% for a missing corner, torn tip, staining, or significant hole. But as stated, I almost always pass on these types, unless it's something from the teens and/or exceedingly rare/one-of-a-kind. It just depends on the particular pennant and severity of the flaw. The other deal-killer for me is ink writing on the front of the pennant. But that's just my personal preference
