Monthly rent, on this property, is just under a half of 1% of property value. In comparison, professional landlords prefer that monthly rent be at least 1% of property value.
As for vacation renting, well, if you can eke out some cashflow with that, that's worth looking into, but keep in mind that it's a whole different can of worms that's rarely discussed in detail on this site.
But the MMM perspective on real estate, which I believe is the only sane perspective, is that you're in it to make money. And right now this property is costing you money. Perhaps not that much money just yet, but once you consider taxes, maintenance, and other issues, you're likely to spend a good few thousand bucks a year on a place that you don't even live in!
So I'd say that right now, you're on damage control. Standard renting is pretty much out for this property. If vacation renting works out mathematically, go for it, but if not, I'd look into selling. Then I'd compare each of these options and figure out which puts the least strain on your wallet, and take it.
As for keeping it because you've locked in a good loan?... eh. 4.5% isn't very good at all. Why not sell? If you ever want to live in a similar house in the future, you can buy it then. Unless this is a custom-built home, the market will provide, and likely at cut rates!