Thanks for the responses everyone!
One of the takeaways is the time and effort discrepancies with respect to development and parking. Sure you can spend months developing a site: creating original content, getting backlinks, and performing other SEO; but if you do this, you only have time to actively commit to 1, maybe 2 of these sites at the same time and might not show profits for months, whereas parking a site can generate consistent revenue via PPC with much less work.
Although it will take more time and effort, I have elected to develop certain niche sites (which I've found through keyword research and analysis) and perform SEO optimization for targeted keyword search phrases to rise in the SERPs. Essentially, one of my goals is to own fewer sites each generating much more revenue than a parking site would over the same amount of time. I have the mindset that since I've entered the domaining game relatively late and don't have a ton of money to start with, I'm going to have to work that much harder to best realize my goals. Fortunately at my current stage in life I can dedicate 12 hours per day or more working towards them!