Help Identifying a red flag!

[Matthew Espana]

Hello all, 

I'm fairly new to real estate investing and have recently encountered a property in a very desirable area where I'm currently looking to invest. The subject property is being auctioned for what I know is surely under market value. At first glance, I was ecstatic, however the property is being sold for "cash only" and "as is". They aren't even allowing inspections on the property. 

I have the cash to buy it, and truly believe it is significantly under valued. Those two things are making me cling onto the hope of this being a good deal. 

As a fairly new investor, I am asking if "cash only" and "no inspection" are two red flags that I should ultimately always avoid -- no questions asked? Therefore, should move on and not consider making this purchase?

thank you all so much for your advice!

- Matthew