Two to three blocks going away from the strip can many vacationers  feel not so safe. 

This is an upcoming area for vacationers and the prices continue to rise for student rentals.

Chances are you will not get caught, but I have seen firsthand neighbors call police and code enforcement officials when the vacationers were smoking pot, being loud, etc.  

Do you think vacationers would view a SFH that does not have beach access or a SFH that is located a mile from a beach as a negative versus a condo that is right on the beach?

I don't know what $$price would affect ti, but it would be pretty high......not only do vacationers have more disposable income, but you also need to factor in that when life gets more stressful, people need to get away even more.

Do you think vacationers want to rent in a sketchy neighborhood?

Winter months mean higher prices because of the higher demand, but summer vacationers can be great too (except for John Candy).Rather than chasing potentially profitable deals, figure out who your target market is (an overworked Air Traffic Controller from Atlanta), figure out what they want/need, supply that, then market the property in Atlanta.When you find the property that meets those needs, the ability to rent it for less than 30 days is a bonus.

During the pandemic, I tried to rent to visiting nurses because my market had completely dried up - both vacationers and visiting scholars disappeared.

Renting a unit in a multi may not be as attractive to vacationers unless your market is conducive to short-term stays or other conventions.Ideally, a four-plex in a vacation area can be used nicely as a mix of Airbnb and annual so you don't put all your eggs in one basket.

HOA dues in this neighborhood are manageable and it's very family friendly and highly sought after for vacationers.