Luxury or cheaper rental to start?

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Hi All,

My husband and I are looking to invest in a short-term vacation rental. We are mulling over 2 options and would love some guidance.

1. Luxury, brand-new home at $1.1 million in a resort community. Right next to a lake, river and 15 min to the ski slopes. I know multiple people renting their homes here and the profit margin is great. Moreover, it books up most of the year with a lull in March and Oct-mid Nov. However, the on-site management company takes 41% of the booking. If we choose another company or self-manage, our guests will not have access to their free shuttles, 3 pools, gym and rec center. The pool ban would hurt summer aka peak bookings, especially those with families. The shuttle ban would hurt adults who like to enjoy the on-site wineries without worrying about driving.

2. Nice, but not luxurious house near the beach for $700k. This would mainly be summer and holiday rentals. Local management companies quote 10-20% but we figure out the cleaner or handyman depending on the plan. The 20% plan includes hiring the cleaners, not handyman.

We will most likely end up with very similar income from both properties at the best management plans, but my husband prefers 1 because we get to own an incredible home in a very sought-after neighborhood, but I prefer 2 so we can have a lower down payment and mortgage payments freeing up cash for another investment. #1 is close to us allowing us to enjoy the property while #2 is 3 hours away. 

Any guidance on how best to analyze and view these 2 options?