If prices are too high people will just go elsewhere.

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

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.

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.  

90% is pretty high.

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.

we are pretty high that is for sure. 

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

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

I won't just write them all here but I highly recommend contacting a qualified 1031 intermediary to walk you through the process.