In answer to your questions:
There is a default business listing and event listing form, but the theme also has a custom form feature which allows you to add fields to the business listing form.
Neither theme specifically separates listings by location in the way that Craigslist does, although you can of course search by location.
The main map shown on the Vantage demo site is an optional widget, so you can choose to not use it if you don't want the map to appear.
You don't have to use the blog function if you choose not to. Menu items can be customized using the custom menus option in WordPress.
You can create ad packages in ClassiPress, but each is differentiated by cost/listing duration.
You can set the expiry date for listings based on packages.
Once an ad has expired, the user will be emailed with an option to relist (if you have this activated). You will also be able to choose the default setting for expired ads (whether they remain published or go back to draft mode).
Yes, you create all categories and subcategories yourself, these are not pre-filled in a new installation.
Due to the digital nature of our products we do not offer refunds or exchanges. We recommend that you review all features from the
theme information pages, including demo sites to get an idea of what is included. Thanks.