IAmNeil

Personally, not too big a fan of vacation homes as either an investment or pure personal use.

Wouldn't consider for personal use because I feel restricted in my choice of vacations.

You may also want to reconsider your ability to rent out for 90% of the year. A 5% vacancy in cities is reasonable, so just 10% vacancy looks aggressive. Consider that most tenants would want to use it for the weekends mainly.

Also consider if you would need access to your cash locked into investment. Would you consider buying someone else's vacation home as an investment? If not chances are that you may not be able to sell it when you want it (or at the price you want). So factor a total return for your investment.

Also if you think more people in your area think a holiday homes is a good investment, the more you should reconsider.

But anyway things may work differently in your area.