It depends on where you live and the attitudes of your neighbors. I'd start with asking the county building code officials.

Is it possible to move it? How close to the property line?

Do you have a picture?

The AHJ is the one to ask. That could be local building code enforcement, homeowners association, deed restrictions, or some combination there of.

It doesn’t look bad at all. Paint it red ( or any color you like) and just use it as the previous owner did. I just painted my shed red last year. Love red sheds. :-)

What does the inside look like? If the bones are good, as others have said, throw a coat or two of paint on it and call it a day. Maybe that behr deckscapes stuff. Address the roof if its leaking, and maybe add a window for natural light, though it probably has a light as I see what looks like overhead power lines.