I feel about the same as Mike regarding condition. If the pinhole has extended (torn) all the way to the pennant's border, thus causing a slit, I am out.
The other deal-killer for me is ink writing on the pennant. I can't tell you how many more I would've bought, if not for some ink notation or former owners name written on the front. My eye is immediately drawn to that, rather than to the pennant itself.
I can forgive writing on the back side, and pinholes are never an issue.... your searches would become nearly impossible if you can't look past those!
Have fun, and best of luck!