Holiday lettings, resort. Good or not?

Hi All
We have 2 investment properties, just the traditional type, good long term occupancy and well managed via an agent.
We're looking at the idea of another place and being something where we can stay for a week a year.
So I been looing around the web sites at what is for sale.
Now I am trying to figure out which is the better deal here. For example.
1. Permanant lease, 1 bedroom hotel style unit in a quiet small block, close to all that tenants need in Cairns, $125,000 purchase price,, about 170 a week in rent, $800 p/a body corp, 1,100 rates. Kind of place for long term letting but not managed on site.

2. Holiday letting, beautiful port douglas resort. Deal is, $85,000 purchase price. Then 9,870 lease back to resort with annual cpi increase. Body corp is $4,200 a year approx. Rates are $1,607 per year, we can let if for our holiday for $50 a night, max 4 weeks, but not the popular times.

I have to admit to not being a genius here with this, but the way I see this holiday letting deal, I'd have to be a mug to do it.
Or am i missing something that is very obvious here and it is the deal of the centuary and I'm a fool for sharing it with you?

I have been toying with the idea of a holiday place, but not come across much posative info about them, this includes the one voice I listen to, my bank loan guy. He spoke about other customers of his who are "bleeding" from these places, not living up to the advertised expectations.

Where best for me to get the acurate info to do the math, as I am finding out there is a lot of difference between these places and deals offered.

Thanks all