The missing stamp explains why the cover appeared underpaid. The cache is found blurry sometimes and looks OK to me. It seems like a genuine flight 33 cover. There were over 100,000 pieces of mail carried on that flight so it is not rare or even that scarce. Still a cool slice of history. The missing stamp and rough top with hinges hurts it.
I think it is likely okay since it is not trying to be anything rare or costly. It has some serious detractions that keep it from being something most collectors would want for their collections especially since nice clean examples from this flight are not hard to find for modest prices. The detractions on this example include the damage and discoloring along the top edge, the missing stamp, the blurry cachet and the torn Mit Luftpost etiquette.
As rogdcam said, the red violet hand stamp is more often than not blurry. Paper and markings look genuine, and the sulfuric acid-laced gum has been "having its way" with the stamp and envelope.
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