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Is that 20% chance rolled at game start and never again? What about their spawn rate in other territories?
And I can’t enter the shinobi towers without a lot more cash lol
As for other territories, they've got an 80% in the HN, a 50% chance in Shek Kingdom, and a 20% in Waystations.
There's also other mods that add wandering merchants including the menders one and more trading caravans. They aren't as reliable but give a chance at a friendly face and shop in the wilderness.
I hardly ever see thief fence characters, but yeah the Shinobi fences are reliable to find. They buy / sell gear back at the same 50% discount. They buy for less and sell for less so it is better to sell to other merchants first if it's not hash or bloodrum, or has too high of a fencing risk chance. But 50% off ninja rags and a katana can be a nice deal better than other shops.
If you move a few towns away or to a different faction, or find a waystation, you can usually fence stolen goods no problem.
If you get into the hash trade you will probably want some of these mods and / or join Shinobis. One last mod UC drug cartels gives more options to loot it from enemies and bases without (spoiler) going to the swamp.