My experience has been that that right economic model to profit from modern recording is to drive marginal recording costs as close to zero as possible. Have your own PC with a reasonably priced DAW like Reaper. Use stock plugins, or buy used outboard that will retain its value and use that. Never pay for a plugin, since the value is guaranteed to go to zero eventually. Possible exception: virtual instruments, which you should think of more like an "actual" instrument. But in general no pay plugins. Buy a suitable interface. Record in spaces you have, or can rent very cheaply. Churches or ex-churches often have awesome high/non-flat-ceiling spaces. You rarely need more than 2 mics at a time for anything but drums. For drum, scavenge off all your friends if need be. Mix and master your own stuff. If you don't know how to do any given part, check the Bobbly Owsinski books out of the library.
Then put your stuff on streaming. You can release it one single at a time, and then the album at the end.
If you're in a market where CD or vinyl (or both) are feasible consider doing the smallest possible run. But I wouldn't do this unless you have people asking you, a history of online sales, or you have performances with a merch table where you can sell.
Usually when an album doesn't catch on this way, you make a few thousand instead of losing a few. And if it does catch on? You own your masters and are in perfect position to profit.