Yes, that's pretty much the standard lifestyle business. It puts you in a similar situation to someone owning a local store or restaurant. You will be able to live a solid middle class life (or a little better), but you aren't going to retire to a tropical island any time soon.
If you were instead doing $100k a year in revenue at (say) a 20% margin, that would mean you take home $20k a year (assuming you revinvest nothing in the business), which would be more of a "hobby" than a "lifestyle".
If you were instead doing $100k a year in revenue at (say) a 20% margin, that would mean you take home $20k a year (assuming you revinvest nothing in the business), which would be more of a "hobby" than a "lifestyle".