House for Sale, As Is?

As IsI had to share this photo!  To me this sounds like a nice house.  Three bedrooms, two baths for $370,000.  For our neighborhood that would be an expensive house, higher than every one of the homes I know of that have recently sold.  It also has about an average amount of bedrooms and bathrooms, so no oddity there… but As is?  That’s where I paused!

What does as is mean in this case and what kind of shape is this house in?

This house looks like it’s for sale by owner, but it has made me extremely curious.