Townhome in college town--need ideas.

[Lori Bossemeyer]

One of our properties is a townhouse located in a University town.  We have been very successful in keeping it rented over the past 6 years, but there has been lots of development in the community, and the vacancy rate is around 8%.  The property is actually a couple of miles from campus, in a beautiful setting.  It is time to do some upgrades (carpeting getting worn, etc.) and I am contemplating repurposing the property as a "Vacation rental home" to make available to people who spend the weekend for games, parent weekends, etc.  If we did this, we would ramp up the upgrades and furnish.  The hotel rates in town tend to be on the high side and there is a strong alumni base.  I would really like input on this idea.  Good idea or Bad idea?  Anything to be concerned about?