Replacement would be more.I would actually be more concerned with some of the mechanicals such as heat, ac and plumbing.

Most of my renters prefer an electric stove (and heat) - cause they don't have the cash for the deposit with the gas department.

Ouch @Brandon Turner , that would certainly make me *heated* hehe.. ahem...

Gas, electrical & heating codes are scrutinized esp., if the city sells it to you & that's an acceptable safety precaution.In fact after the last tax lien auction each NEW owner was required to meet with the Bldg Inspector after taking title to review the code violations that appeared out of no-where.

So the heat pump broke on a rental of mine.

Most people prefer gas also for cooking because it heats up quicker.

You should have a back-up heating system where heat pumps are used in the northern part of the country.

Is there a lot of mechanical work involved (heat pump, boiler)?

Only thing I would add other than turning the water off is be sure the heat is on.

Also, you will have really high utility bills, because your guests will leave the heat at 75 degrees with the window open.You will also have to either get a management company or deal with marketing, reservations, contracts, receiving payments from guests, security deposits, housekeepers, maintenance, keys, etc yourself.