Running numbers on a vacation rental is VERY different than running numbers on a normal rental. For running numbers on the vacation rental, you have to account for the management fees (which are higher), furnishing and decor to make the property desirable, and you have to get professional pictures. Make sure that the numbers work as a standard rental if you are buying a property to be a vacation rental, if the vacay market fails then at least you can rent it out as a standard rental with cash flow.