boston area buy and hold vs. cape cod vacation rental

[Kenneth Silva]

Hi everyone, my wife and I are looking to get our first investment property and have a down payment for a budget from around 450K, our first thought was to get a buy and hold in the Malden, Melrose, Woburn area which I am finding to be really tough in the current market at that number.  We also love going to Falmouth during the summer for vacation and would love to own a vacation home in that area.  I always assumed that the smart money would be buying in the Boston area and renting long term but lately I am starting to question if getting a vacation home in Falmouth for 100-150K cheaper and fixing it up would be more profitable as well as a better move for us as a family.  If I could get some 30 day rentals during the winter months on top of the week to week rentals during peak season the income could be comparable to a long term buy and hold and we would be able to take a couple weeks each year for a vacation.  Does this make sense.  I've been reading a lot of investing and property management books but haven't really read up on the short term vacation rental market yet.  Any insight would be greatly appreciated.