1) Single Box
2) Single Location
3) Single 40TB RAID 6 Array on single RAID card with 22 Drives (assuming 24 2TB drives, 2 parity, 2 hot spare = 40TB)
4) Single bonded network link means single switch, no redundancy against switch / network device failure
Honestly this may have been cheap but your getting what your paying for: An unreliable backup solution.
Also: Norco? Really? I wouldn't be trusting anything they produce with your company's critical data. Supermicro isn't much more expensive all things considered.