Short-term rental purchase, north county coastal. How realistic is this plan?

[Ryan Rubel]

My wife and I live in Chicago and vacation in San Diego every year.  We get a condo rental in Oceanside typically, and stay for 2 weeks. 

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.

Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.

How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

Any advice or tips would be appreciated.