Tore label off when it's nothing much to write home about (9)

I believe the answer is:

tolerable

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'it's nothing much to write home about' is the definition.
I can't tell whether this definition defines the answer.

'tore label off' is the wordplay.
'off' indicates anagramming the letters.
'tore'+'label'='torelabel'
'torelabel' is an anagram of 'TOLERABLE'.

'when' acts as a link.

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(Other definitions for tolerable that I've seen before include "Adequate" , "Fairly good" , "Fair" , "Acceptable" , "Mediocre" .)

I've seen this clue in the Sydney Morning Herald.

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