In our market it's about $40 for uncovered lot parking. 

My line of thinking is, the chances of an uncovered disaster are outweighed by the benefit of increased cash flow.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

Always get an inspection, most issues with the property will be uncovered then. 

My decks are uncovered (though in the local lingo the front entry deck is called a porch!!

@John DagHave you uncovered the answer on this?

Perhaps it will uncover some opportunity that you wouldn't have seen or done if you were still in the day job.  

It seems crazy that not even a dime from parking spots would be included, when he valued the three uncovered spots at $6000 and the 2 car garage at $8000 in his comps.

Every house inspection will uncover a list of problems.

@Quadeer Porter you've got the seller in a tough spot given you uncovered a safety hazard severe enough that the property needs to be evacuated.