What a buyer is actually pricing when repairs are skipped
The cost of the work itself, the risk of finding more once walls are opened, and the time the property sits unusable while it happens — all three get built into the as-is discount, not just the visible repair cost.
When doing the repairs first is actually the better math
A house with cosmetic-only needs (paint, flooring, staging) and an owner with time and some cash on hand can sometimes net more by doing the work and listing traditionally — the trade only clearly favours as-is when the needed work is structural or system-level (roof, furnace, wiring, foundation).
The middle path some sellers don't know exists
Getting a contractor estimate for the actual repair cost, even if you don't do the work, turns a vague "it needs a lot" into a real number you can compare against any cash offer on its own terms.