We are currently doing Airbnb with a house and long term rental with another. I would ask around locally what some comparable houses are renting for. We were way under pricing our long term rental, and have now done some upgrades and upped the rent the last time it came open. We were in similar situation with some folks we thought we knew, they were getting a good deal and were not respecting the property at all. The folks we have now are paying more and are keeping it up much better.
It's still early for me to judge how the Airbnb will work for us. We had some millwrights that stayed there for almost two months working at a local power plant earlier in the spring. Since then we have had a few weekend or overnight bookings. I like the short term rental idea for that house as it is directly in front of ours and I don't really want a long term situation that close. It is more work and some startup expense. The various taxes and fees are 13% so you have to charge enough to justify the work. We are in an area close to town but in the country, around 20 miles from Lexington and about 35 from the Red River Gorge. I think probably if we were right at either it might possibly be a better contender for steady bookings time will tell. If we are able to rent it out each weekend in a month then that puts it on par with a long term rental. If we could consistently rent it 4-5 nights a week it would be significantly more income than a long term rental.