Short answer: try to create the same image using the old school <AndroidSDK>\AVD Manager.exe
.
Working in Android Studio, running all the integrated tools, it became natural to me not to use the old managers (AVD/SDK).
In my case, I had this problem when used the new (integrated) AVD Manager to create devices with old system images (API 11 and below, as I've tested).
When I tried to use the old school AVD Manager tool (located in <AndroidSDK>\AVD Manager.exe
) to create these old device images, I had success.