For most of us, that situation would be a year of very high profitability.  

If this MP is lower than the Calculated Maximum MP, the AP is too high, lower the Offer (asking Price) until the MP is equal to or less than the Maximum AP.  

This doesn't sound like it's in one of the high-performing resort-style communities, so I would be a little cautious.

Would highly recommend checking out REIAGC.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The cost of entry is low, and cash flow is high.

I highly recommend it if you're just starting your journey as a passive investor.

Evidently, you are suffering the "Groves" effect and distorting the truth and reality of things, unless what you really mean is that you have the "skills and mindset", but you have not put them to the practice yet.Selling real estate education is easy, being a real estate investor is very difficult, and you are a clear example of it, 13 years down the line and you still pay someone like the Groves, to take your money just to give you "mindset" and motivation. 

I highly recommend that you get clear on these things:1.

Seeking advice from a tax advisor or accountant can assist in understanding the tax effects of renting out a garage apartment.Good luck!