If they want to keep paying at 11 percent, good luck to them.

If you plan to be there LESS than 7 years, then I might consider NOT BUYING because if prices stay the same it will take nearly that long to pay down a mortgage enough to cover commissions and closing costs to sell and break even. 

Plus, you continue to build appreciation through mortgage pay down, as well as market appreciation as well.Timing is up to you… now if your potential new investment will cover the higher interest rates you see today.  

An apartment complex or even a small multifamily where 90% of the residents are paying market rent and 10% is legally set aside below market.

A vacant month, turnover costs, paying your PM to fill the unit. 

Las Vegans Paying Highest Income Percentage on Rent: Nearly 58.3% of renters in the Las Vegas area spend more than 30% of their income on rent, considered "housing-cost burdened."

If you have a large down payment (or the ability to cover negative cashflow), the East Bay's appreciation and principal pay-down benefits have been historically very strong compared to other markets.  

Your local S8 Housing Commission should have an info sheet on their website that shows their deductions if landlord chooses not to include electric, gas & water.Even more critical, your $680 mortgage amount, that you appear to be comparing to the S8 rent, should include ALL the other housing ownership costs: property taxes, insurance, vacancy/tenant nonperformance (S8 tenant may have to pay part of rent), maintenance & miscellaneous.Suggest you use the BP Calculator for this.

The laws are not landlord friendly at all and it's common for landlords to get stuck with a non-paying tenant or squatter and have to legally keep paying the utilities, taxes, mortgage, etc. while the eviction gets delayed in court for months or years.

If the delay results in you not meeting the state deadline, then I suggest you make the PM pay for it or file a complaint against them with the state.Everything has an expected life span.