Investing cash in a vacation rental or someplace else...

[Russell R.]

Would love to get some insight from experienced real estate investors.  Here's the basic situation:

We live in Westchester NY and have a mortgage on our primary residence. We also have a SFH investment property in Charlotte, NC with about 11 years remaining on the mortgage (the rental income covers the monthly mortgage and the taxes.)

We have some cash available and we are considering purchasing an investment property in Duck, NC (where we have been going for years on family vacations.)  We might like to spend more time there when the kids are done with school in seven years (work is flexible and we can work from pretty much anywhere.)  When we aren't there, we would definitely rent it out for weekly rentals.

Numbers:

Have up to $100k to invest in this Duck property

Considering homes in the range of $750k-$800k that attract around $70k annual rental income.

We know that we will likely only use the property in season for a week or so, but we would be using it more out of season.

Any reactions from investors who have considered this/similar situations?  I'm relatively new to this and don't know what I don't know (or what to ask.)

Thanks so much