I did this in highschool. Didn't make any money. I was just doing duffle bags and what not.
You really need to consider your time I recall it taking quite a lot of time when having to deal with things like tweed and what not. I made a portfolio bag for my graphic design classes and had a few people ask me to make them. I would have needed to charge around $100 a piece to really make it worth it. But if you aren't doing anything else and have people willing to pay $100... go for it. I just recall getting offers like $30 and being like, hmmm materials cost around $15...
I'd make a few and set a price. I think that is where I went wrong, I asked what people would spend. Set a price that makes it worth it to you to create them. Then tell people what that price is.