Home Inspections do this.
Good Risk Management involves all the areas illustrated here. Home inspections are concerned with the Assess portion of the circle. It's the starting point to understand the risks any real estate purchase involves.
The inspection cannot be used as a stand-alone component for the risks that you assume when buying a property.
There are assessment items that cannot be seen. There are items which can be missed in an inspection.
To fully manage risks you will need to engage the professional help and guidance of a number of other professionals who can further evaluate and manage risk.