Most of these folks don't want to lose their voucher.Additional issue, when rent is too high, it slows down leasing. 

I use standard market PM rates in my underwriting, but I also would not work for those rates but it is fair compensation for the work.I typically use vacancy of 5% not because I have ever had a unit that had that high vacancy but I do not have a no payment category and I want the underwriting to be conservativeon the opposite, your rate is a bit high and your appreciation rate and rent growth are modest.overall, seems like a decent attempt at an analysis.  

we are pretty high that is for sure. 

I would highly recommend sticking to the 30 year option or not doing it at all. 

90% is pretty high.

I have sold in California, took the cash and moved out of state (to Indiana) and highly regretted it - I didn't have a real estate investor mindset then.

Lessons learned is not to buy a property with a high HOA.

I can say in Detroit the wholesaler your talking to has most likely found that deal from 2-3 other wholesalers, they literally have to payout 2 - 3 other parties to get the deal and this is what the fees are high and the deal makes no sense.

My firend once had a client who did a high end remodel in a somewhat modest neighborhood.

@Nick HulmeMaking improvements to your primary to make it high quality enough to rent above market rents, rent it.