It sure seems like there is a lot of room and clearance between the rear tire and the under side of the fender. No I haven't tried to measure at full compression. Yes, I know it's dirty location. It seems like it would be easy enough to mount a hard, waterproof container for seldom used items ~ spare tubes, first aid, air pump, tools.
Has anyone measured the clearance at full compression? I'm thinking about a couple of tool tubes.