To add on to this, I tend to use Dealforager to look for Warehouse vinyl, good way to filter out, title search, etc.
I would agree that Like New is usually safe. I think most of my "like new" results come in shrink still. Very Good is usually solid, I think I've returned one or two for being way off base but I've gotten sealed "very good", often opened and returned without signs of damage. I'll dip into good for the right deal too, though I have a return spot right near be and it's very easy to return items so that's part of it.
My personal, super general guidelines is something around 20-35-50-65% off for Like New / Very Good / Good/ Acceptable if it's something I would want but everyone can vary, I don't remember the last time I rolled the dice on acceptable without an absurd discount and that can vary a bit on if the record is regularly available at retail or sale and if my local has it or not (I generally try not to order items my LRS has off of Warehouse unless it's such a huge difference that it's notable)
Like Mingerton says, not all Warehouse items have that flag but a lot do so it's worth checking. I'm rolling the dice on a couple (Amy Winehouse's At The BBC can be lowered to a sane level as can Celeste's My Muse, both of which run pricy)
Packaging varies, I'd say about 80% or so of my Warehouse items came at least in a box, and usually a mailer inside of a box, though there seems to be no way to predict
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