(It may make more sense to build new, BUT there are a lot of factors that go into it, like zoning and setbacks and what condition your existing garage is in and is there a loft space etc.  

You also have to factor in closing costs of the loan that will eat away equity. 

Due to this factor I don't think that conventional finance will touch the deal.  

If she is interested mabey helping you with some of your tasks will get her exposed at least.

The return on investment is your best deciding factor.

To combat this, and also upgrade systems as larger vacancies occurred the ceilings were removed, the HVAC ducting removed, the concrete was stripped via a sandblast, and then attractive and exposed HVAC ducting was installed.

What I’m attempting to show is that someone utilizing the 2% rule 5-8 years ago they could now get the same return utilizing a new .6% rule (2% - 1.4%) assuming all other factors were the identical.

How would should I factor in CapEx for my condo knowing that some big expenses such as the roof is taken care of by the HOA?

There is no way to attribute the increase in value to any particular factor.  

Condition, location and maintenance needs are very important.One tenant factor you may run into is the affordability of c/a.