Are there any other opportunities for investment or short-term place to live in that area? 

Demand for short-term rentals is based on emotions, the allure of this view or that amenity or this undefined "feel" or "design" of a place.I'd love a pamphlet that says simply, "Hot tubs increase gross annual revenue by $22,000."

Be aware of lead paint and asbestos, common in older homes, and consider testing and removal costs.

I've kept my rents the same and simply charge a short-term fee.

Needless to say, before taking out a short-term loan, make sure you know what you're doing.

I don't think your advice is suitable for many investors but everything is case by case and your one size fits all advice could lead to a lot of issues. 

Looking to invest in 2 condos in the New Braunfels, Texas area to be used as short term rentals.

In the short term the investment was not profitable, in the long run, appreciation and market changes gave me some moderate profit.

What are you looking to accomplish short-term & long-term?

. - Furniture & DecorThis is up for debate but for most short term rentals, those that are themed, have quality furnishings and a cohesive presentation typically produce better occupancy and revenue results.