Can a 4-bedroom Kiwi house be turned into a successful backpackers' hostel?

Q. I'm toying with the idea of converting my old house in New Zealand into a backpackers' hostel. The location is perfect, but is it worth it? Tourist season is about three months a year, the average backpacker expects a price tag of NZ$40 a night (about US$20), and I suppose the house would sleep about 12 to 16 people in relative dignity.
Monthly running costs of the house are about NZ$ 1600, or US$ 800 as it is.
Would that work, or ist gonna be a nightmare?

A. I've stayed in a lot of hostels on South Island, and something with decent comfortable accommodations would be great. The one in Queenstown was good, but the rest were so-so. The ones on the West Coast of South Island were awful.

First thing's first. Is your home near public transportation and things such as grocery stores, etc.? If so, then you already have a leg up. Also if you get certified by YHA, then you'll have almost automatic business from kids looking up your home in need of a place to crash.

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Title Post: Can a 4-bedroom Kiwi house be turned into a successful backpackers' hostel?
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