Having that cash is great, but you still need to qualify for the monthly payments and a lender will check out your debt-to-income ratio and other factors to confirm what you can buy.Not sure how you feel about debt and leverage.

Make sure you factor in about $4-$5k in closing cost as well.

What additional factors should I be considering when deciding whether or not PMI removal is the right choice?

These two factors often lead an owner to not even wanting to consider an owner financed deal. 

However, from the numbers I have been running it seems difficult to break even much less profit (without factoring in appreciation) when looking at condos and the large HOA fees associated with them.

Lots of factors here, not easy to make broad assumptions

What I didn't see factored into your expenses was a management fee. 

They'll provide the real insight, but here are some metrics I look at:-Population growth-Job growth with higher wages-Business friendly-Diverse economy-Strong occupancy rates-Acquisition price-to-rent ratio-Landlord friendly-Infrastructure development-Lifestyle amenities-EducationBest of luck!

It can make the numbers look good but try to find deals that can work without factoring in appreciation. 

If a better product came on the market, what factors would cause you to switch?