Need help: how much would you pay for "used, inspected, warranty-less" Imac?

Bottom line question: I have the option of buying a 20" 2.16GH
white-border Imac---used, refurbished and inspected by CompUSA's techs,
but no warranty, not eligible for Apple Care, and no free Leopard---for
$730. I must decide soon.

Is this a good deal, or would you cut your losses and walk away?

For reference, when Apple has these refurbs available they sell for
1100, with warranty and leopard, and eligible for Apple Care.

Now some background on this unusual situation:

1. They advertised a 20" 2.16GH white-border Imac for $900, in-store
sales only. I expected an open box, B-stock type situation, with
warranty. After verifying availability I drove there and they couldn't
locate the machines. Turned out 2 were in shop for "repair". The
manager offered to ship one when ready, throwing in Apple Care for
free, bringing down my effective price for Imac itself to $730. I
placed and paid for the order.

2. A couple weeks later, no computer, CompUSA is in liquidation with
new owners, and the manager I talked to doesn't work there any more.

3. The new manager looked into it and says the new owners (Gordon
something) will honor the $730 price BUT the old manager made a mistake
that they can't help : the machine is used (originally registered more
than a year ago) so no warranty and doesn't qualify for Apple Care. No
free Leopard either. Their techs have restored it, inspected that
everything is fine, but it can only be sold "AS IS".

Which brings me to my question I asked in the beginning: Is this a good
deal or not? (Incredibly, if I turn down the deal, CompUSA's new owners
will probably try to liquidate it at even higher price.)

TIA!

 

I already posted this another thread but wanted to thank you for
helping me think clearly. To summarize the resolution: I went to
CompUSA today, cancelled the order and got my refund.

The staff were nice and, quite sincerely it seems, said 730 was a very
good price for a refurb even without warranty and I should consider it.
I said it would be better match for someone able to deal with repairs
himself which I am not. Without free Leopard, the effective price is
more like $850 anyway and that is within $200 of Apple's refurb prices,
and those include 1 year warranty + are eligible for Apple Care.

Although I met some good helpful individuals, I can see from various
goofs that CompUSA was not a well-run store: They didn't know their
stock and more than one employee confirmed availability when there was
none. To make up for that, they promised Apple Care on a machine that
was not eligible. Didn't contact me about my paid-for order until I
called, etc. For all this trouble, when I asked if they could offer
some extra discount on a new AppleCare-eligible imac, nobody there
seemed to have the authority.

Anyway, thank you again!