Dipping toe in, Airbnb gut check request

[Will Lotherington]

TL;DR should I rent a 2bed 1bath for $1200 if I can Airbnb it for ~$1600?

Hello, I recently discovered BP and am extremely excited by everything I've learned over the last few weeks.

I believe I found a low risk opportunity to dip my toe into managing an Airbnb, but I would greatly appreciate a gut check before signing anything.

I rent an apartment in a suburb of Chicago (Elmhurst) and found a second apartment (2 bed, 1 bath, 1200sqrft) 2 blocks away. The second one is renting $200-$300 below market at $1200/mo since the owner is a retired 77 year old living remotely and just wanting a low maintenance property, and the property manager is the owner's old friend who primarily wants a reliable tenant who pays on time (she's been getting several subpar applicants).

The unit is in a great spot less than a block away from the metra train that goes into downtown Chicago, and in the center of all the stores and restaurants in the little town. I talked to the property manager about wanting to rent the place so my friends and family who visit about every other month from CA don't have to get a hotel (this is completely true and something I have to factor out of my numbers), and asked if she would be comfortable if I listed the apartment on Airbnb the rest of the time. She thought it was a great idea.

I reached out to several current Airbnb hosts in my suburb and they all said there weren't any weird legal issues like the city of Chicago has. Airbnb estimates ~1600/mo average, and I think it is a bit conservative given the location next to public transportation, "coolness" of the unit (100+ year old building that will stage and photograph well), and relatively underwhelming alternative Airbnb and hotel options.

Furnishing everything is my biggest unknown that I'm working on, but I would greatly appreciate hearing about any red flags/concerns/oversights that jumped out at you while reading this. Sorry for the crazy long post, but thank you very much for your help!