Incompetent watchman has low prospects (4,7)

I believe the answer is:

poor lookout

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'prospects' is the definition.
I don't know anything about this answer so I can't judge whether this works.

'incompetent watchman has low' is the wordplay.
'incompetent watchman' becomes 'lookout' (lookout is a kind of watchman. I am not sure about the 'incompetent' bit.).
'has' is a charade indicator (letters next to each other).
'low' becomes 'poor' (similar in meaning).
'lookout' put after 'poor' is 'POOR LOOKOUT'.

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I've seen this clue in The Irish Independent.

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