Turn my duplex into a vacation rental?

[Phillip Lee]

Good morning everyone, I have listened to the podcasts on the vacation homes and read a few posts from members doing vacation rentals. I currently have a duplex in Pensacola, FL in the heart of the city about 25 minutes from the beach and 12 minutes to both universities, mall and airport. Here are the facts broken down: Each duplex is a 2b/1b 800sqft. 2 parking spaces. Mortgage is $663 monthly. One unit rented out for $725 (which covers mortgage) The other is about to be vacant. I was going to leave one tenant on a yearly lease and vacation rent the other side. 1. Rents are $70-$80 a night in the current area. 2. Have a friend around the corner from the property that will clean and help manage. If rented 13 nights a month @ $70 it will equal what I would make with someone in their with a monthly lease. ( that's including monthly water, electricity, internet) From what I can see it looks like a positive cash flow. My questions are as follows: 1. Do you think it is to far from the beach to be a vacation rental? 2. Is it worth investing in beds, sofa, towels, sheets, lamps, tables, etc. and a programmable lock to turn this into a vacation rental? How much on average does it take to set up the home with all needed supplies? 3. Is a $25-$35 cleaning fee to much to ask per stay. ( unless staying multiple nights make it a flat $25-$35) 4. Someone stated that you have to pay monthly taxes as it is not a full time rental. (How does this work) From those that have done this before what are your thoughts/ advice? Thanks!