Depending on what it's serving, and how up to date it is, and who else is on that network and can access the server, and who else can come into that same room when you're not there, and from where you get the software that you install on that server... it might be less trustworthy than you think.
...your own (headless) server that's in the same room as you, when you're using your laptop as a thin-client for it?