I'm fairly confident the home would appraise for $470,000 - $490,000 in October 2025. 

So that comes out to be $40K per home in the end.But during the DD, I've found instead of 40 vacant pads, only 35 vacant pads are usable, so there is a loss of 5 spaces for me.What is a FAIR way (to both sides) of reducing the purchase price to account for the missing 5 vacant pads?

I don't think it will be a fabulous deal (buy point will be appraised market value so it would be fair to market value (minus real estate commission costs) ).  

I say biased, because it seems fair and unbiased reporting is a thing of the past.  

Quote from @Matt Barakett: Yes, a corporation is going to take time, money, and effort to set up and maintain.

@Eric Fichera Buy A/B  located properties, keep up with all local permitting & licensing, use a well drafted and fair lease, don’t unreasonably withhold deposits and be a responsive landlord or hire a responsive PM and you won’t have anything to worry about.

Original hardwood floors, trim, arched doorways, and handsome, functional, fireplace help maintain the original character of the home.

Original hardwood floors, trim, arched doorways, and handsome, functional, fireplace help maintain the original character of the home.

When I have done new construction between $500k-$1M in cost the contractor asked for 5% upfront, to be reimbursed at the draw that completes framing, and this was fairly standard in its market. 

I normally buy and hold but this happens to be a flip I did, so this is fairly new to me.