Remove vertical spacing in wrapfigure (above/below hrule)

I want to use wrapfigure to contain an (align) environment. How do I remove the excessive vertical spacing above and below the rule commands without using vspace? I don’t understand where this space comes from in the first place.

begin{wrapfigure}{r}{0.5textwidth}
    rule{0.5textwidth}{1pt}
    captionof{model}{MODEL hfill[LP]}
    rule{0.5textwidth}{1pt}
    begin{align}
        1 = 1
    end{align}
    rule{0.5textwidth}{1pt}
end{wrapfigure}

This is my current output:

I already set

setlength{abovedisplayskip}{0pt}
setlength{belowdisplayskip}{0pt}
setlength{abovedisplayshortskip}{0pt}
setlength{belowdisplayshortskip}{0pt}

in the beginning of the document. This successfully removes space around the align environment.

I want the hrules to wrap the caption tightly and symetrically. Furthermore, I want the top and bottom padding equal to the columnsep setting, i.e left and right padding.

Thanks a lot in advance.

EDIT:

Got there. I got this result with:

captionsetup[model]{skip=0.2em, labelsep=period}
usepackage{parskip}
setlength{parskip}{0pt}

and

vspace{-1.3em}
captionof{model}{MODEL hfill[LP]}

Still, for some reason vspace always feels like a dirty hack to me. I would feel better if the linebreak after the caption would not be produced in the first place. Is the use of vspace to be recommended, in general?