Real Estate Investment Properties for Sale in Cheboygan, MI

Looking for investment property in Cheboygan, MI with high ROI ?

Explore a variety of short-term homes & houses in Cheboygan, MI. Invest wisely with VRBO & Cheboygan, MI Airbnb properties available for purchase. Find your ideal investment property among our curated listings for a rewarding real estate venture.

Investment Property for Sale in Cheboygan, MI

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
178 Riverside Dr Cheboygan, MI Enjoy stress-free time on the Cheboygan River in this turn-key fully remodeled 5-bedroom, ...	5 beds \| 4 baths \| 3,360 sq.ft.	$525,000	Airbnb cash on cash: 0.78% Traditional cash on cash: 6.27% Airbnb Rental Income: $2287 Traditional Rental Income: $4411 Airbnb ROI: 0.78% Traditional ROI: 6.27%
16294 Morningside Ln Cheboygan, MI Escape to this charming 2-bedroom, 2-bath ranch home offering breathtaking views and deede...	2 beds \| 2 baths \| 1,481 sq.ft.	$379,000	Airbnb cash on cash: -0.21% Traditional cash on cash: 4.49% Airbnb Rental Income: $850 Traditional Rental Income: $2191 Airbnb ROI: -0.21% Traditional ROI: 4.49%
4460 W Us-23 Hwy Cheboygan, MI This beautifully crafted log home offers 120 feet of frontage on Lake Huron with breathtak...	4 beds \| 3 baths \| 4,974 sq.ft.	$885,000	Airbnb cash on cash: -1.28% Traditional cash on cash: 2.06% Airbnb Rental Income: $1577 Traditional Rental Income: $3880 Airbnb ROI: -1.28% Traditional ROI: 2.06%
502 S Huron St Cheboygan, MI Gorgeous, impeccably maintained Craftsman-style home within Cheboygan city limits! This be...	3 beds \| 2 baths \| 2,712 sq.ft.	$325,000	Airbnb cash on cash: 0.75% Traditional cash on cash: 5.09% Airbnb Rental Income: $1538 Traditional Rental Income: $2418 Airbnb ROI: 0.75% Traditional ROI: 5.09%
216 Riverside Dr Cheboygan, MI Prime Inland Waterway location with 100 feet of frontage on the Cheboygan River, just minu...	3 beds \| 2 baths \| 1,938 sq.ft.	$475,000	Airbnb cash on cash: -0.28% Traditional cash on cash: 3.72% Airbnb Rental Income: $1538 Traditional Rental Income: $2870 Airbnb ROI: -0.28% Traditional ROI: 3.72%
10280 Us-23 Cheboygan, MI Beautifully Remodeled 3-Bedroom Home Near Lake Huron! Fully remodeled 3-bed, 2-bath home o...	3 beds \| 2 baths \| 1,823 sq.ft.	$294,000	Airbnb cash on cash: 1.09% Traditional cash on cash: 3.93% Airbnb Rental Income: $1538 Traditional Rental Income: $1879 Airbnb ROI: 1.09% Traditional ROI: 3.93%
509 W First St Cheboygan, MI Welcome to 509 W First St! This 4-bedroom, 2-bath home is perfectly located just a short w...	4 beds \| 2 baths \| 2,216 sq.ft.	$199,000	Airbnb cash on cash: 3.38% Traditional cash on cash: 11.84% Airbnb Rental Income: $1577 Traditional Rental Income: $2725 Airbnb ROI: 3.38% Traditional ROI: 11.84%
10951 Butler Rd Cheboygan, MI This is a well maintained 3 bedroom/2 bath home on 1.58 acres and a paved road only minute...	3 beds \| 2 baths \| 3,766 sq.ft.	$344,900	Airbnb cash on cash: 0.56% Traditional cash on cash: 4.15% Airbnb Rental Income: $1538 Traditional Rental Income: $2254 Airbnb ROI: 0.56% Traditional ROI: 4.15%
1803 N M 33 HWY Cheboygan, MI Invest with success and buy through Auction.com. This bank-owned investment property is a ...	3 beds \| 2 baths \| 1,450 sq.ft.	$177,000	Airbnb cash on cash: 3.42% Traditional cash on cash: 9.67% Airbnb Rental Income: $1538 Traditional Rental Income: $2146 Airbnb ROI: 3.42% Traditional ROI: 9.67%
14200 Scenic Ct Cheboygan, MI Deeded Access to Lake Huron- 3 Bed, 2 Bath Home with wooded lots & Beach Access. Enjoy qui...	3 beds \| 2 baths \| 1,800 sq.ft.	$279,989	Airbnb cash on cash: 2.09% Traditional cash on cash: 8.81% Airbnb Rental Income: $1538 Traditional Rental Income: $2866 Airbnb ROI: 2.09% Traditional ROI: 8.81%
172 E Lincoln Ave Cheboygan, MI 4 BEDROOM WELL MAINTAINED HOME located on a double lot with a garden area. This spacious p...	4 beds \| 1 baths \| 1,225 sq.ft.	$187,000	Airbnb cash on cash: 3.29% Traditional cash on cash: 8.4% Airbnb Rental Income: $1577 Traditional Rental Income: $2034 Airbnb ROI: 3.29% Traditional ROI: 8.4%
6626 Varonica Ln Cheboygan, MI A rare Northern Michigan offering with endless potential. This unique property boasts 714 ...	3 beds \| 2 baths \| 1,749 sq.ft.	$365,000	Airbnb cash on cash: 1.18% Traditional cash on cash: 6.22% Airbnb Rental Income: $1538 Traditional Rental Income: $2819 Airbnb ROI: 1.18% Traditional ROI: 6.22%
300 Cass St Cheboygan, MI Charming in-town two-story home on a corner lot with two driveways, located just a couple ...	2 beds \| 1 baths \| 1,080 sq.ft.	$150,000	Airbnb cash on cash: 1.65% Traditional cash on cash: 8.48% Airbnb Rental Income: $850 Traditional Rental Income: $1500 Airbnb ROI: 1.65% Traditional ROI: 8.48%
9452 M-33 Cheboygan, MI Waterfront 1 bedroom 1 bath detached condo, 366 sq ft. Nice three seasons room that provid...	1 beds \| 1 baths \| 352 sq.ft.	$315,000	Airbnb cash on cash: 0.34% Traditional cash on cash: 2.97% Airbnb Rental Income: $897 Traditional Rental Income: $1338 Airbnb ROI: 0.34% Traditional ROI: 2.97%
3899 N Schook Road Cheboygan, MI DEEDED ACCESS TO MULLETT LAKE! Fabulous three-bedroom, two-bath ranch situated near the en...	3 beds \| 2 baths \| 1,770 sq.ft.	$219,000	Airbnb cash on cash: 2.99% Traditional cash on cash: 11.07% Airbnb Rental Income: $1538 Traditional Rental Income: $2767 Airbnb ROI: 2.99% Traditional ROI: 11.07%
10285 Scanlon Dr Cheboygan, MI Put your personal touch on this 2-bedroom, 2-bath, 1,200 sq. ft. home and make it your own...	2 beds \| 2 baths \| 1,225 sq.ft.	$169,900	Airbnb cash on cash: 0.75% Traditional cash on cash: 10.09% Airbnb Rental Income: $850 Traditional Rental Income: $2033 Airbnb ROI: 0.75% Traditional ROI: 10.09%
3899 Miami Beach Dr Cheboygan, MI Discover the perfect Northern Michigan retreat at 3899 Miami Beach Drive - ideally located...	3 beds \| 2 baths \| 1,680 sq.ft.	$199,000	Airbnb cash on cash: 3.41% Traditional cash on cash: 10.51% Airbnb Rental Income: $1538 Traditional Rental Income: $2433 Airbnb ROI: 3.41% Traditional ROI: 10.51%
996 Lahaie Rd Cheboygan, MI 19+ WILDLIFE ACRES! This sprawling 2,623 sq. ft. ranch is a secluded dream in Cheboygan. T...	4 beds \| 3 baths \| 2,623 sq.ft.	$499,900	Airbnb cash on cash: 0.7% Traditional cash on cash: 5.03% Airbnb Rental Income: $1577 Traditional Rental Income: $3152 Airbnb ROI: 0.7% Traditional ROI: 5.03%
190 Riverside Dr Cheboygan, MI Wake up to peaceful river views just minutes from downtown Cheboygan and the open waters o...	4 beds \| 2 baths \| 2,250 sq.ft.	$489,000	Airbnb cash on cash: 0.27% Traditional cash on cash: 4.26% Airbnb Rental Income: $1577 Traditional Rental Income: $2952 Airbnb ROI: 0.27% Traditional ROI: 4.26%
260 Duncan Ave Cheboygan, MI You will feel like you hit the lottery with this home! Check out this AMAZING tri-level 5-...	5 beds \| 2 baths \| 2,245 sq.ft.	$274,000	Airbnb cash on cash: 3.76% Traditional cash on cash: 8.86% Airbnb Rental Income: $2287 Traditional Rental Income: $3034 Airbnb ROI: 3.76% Traditional ROI: 8.86%
10279 Oshaughnessy Rd Cheboygan, MI 10279 Oshaughnessy Rd, Cheboygan, MI 49721 \| Manufactured Home	3 beds \| 2 baths \| 1,644 sq.ft.	$349,000	Airbnb cash on cash: 0.53% Traditional cash on cash: 3.99% Airbnb Rental Income: $1538 Traditional Rental Income: $2227 Airbnb ROI: 0.53% Traditional ROI: 3.99%
3203 Mullett Burt Rd Cheboygan, MI 3203 Mullett Burt Rd, Cheboygan, MI 49721 \| Single Family Residential	1 beds \| 1 baths \| 360 sq.ft.	$119,900	Airbnb cash on cash: 1.52% Traditional cash on cash: 3.77% Airbnb Rental Income: $897 Traditional Rental Income: $819 Airbnb ROI: 1.52% Traditional ROI: 3.77%
V/L 1.26AC Townline Rd Cheboygan, MI V/L 1.26AC Townline Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$170,500	Airbnb cash on cash: -0.29% Traditional cash on cash: 1.94% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.29% Traditional ROI: 1.94%
9763 High Banks Cheboygan, MI 9763 High Banks, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$180,000	Airbnb cash on cash: -0.4% Traditional cash on cash: 1.77% Airbnb Rental Income: $772 Traditional Rental Income: $827 Airbnb ROI: -0.4% Traditional ROI: 1.77%
V/L Par A Stempky St Cheboygan, MI V/L Par A Stempky St, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$99,000	Airbnb cash on cash: 1.26% Traditional cash on cash: 5.01% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: 1.26% Traditional ROI: 5.01%
V/L 1.70AC Townline Rd & Stempky St Cheboygan, MI V/L 1.70AC Townline Rd & Stempky St, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$264,895	Airbnb cash on cash: -1.07% Traditional cash on cash: 0.37% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -1.07% Traditional ROI: 0.37%
Lot 9 W US 23 Hwy Cheboygan, MI	N/A beds \| N/A baths \| N/A	$160,000	Airbnb cash on cash: -0.14% Traditional cash on cash: 2.22% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.14% Traditional ROI: 2.22%
V/L 55-+AC E State St Cheboygan, MI V/L 55-+AC E State St, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$120,000	Airbnb cash on cash: 0.62% Traditional cash on cash: 3.74% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: 0.62% Traditional ROI: 3.74%
Parcel 2 Vfw Rd Cheboygan, MI Parcel 2 Vfw Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$49,500	Airbnb cash on cash: 4.69% Traditional cash on cash: 11.85% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: 4.69% Traditional ROI: 11.85%
9768 N Straits Hwy Cheboygan, MI 9768 N Straits Hwy, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$250,000	Airbnb cash on cash: -0.99% Traditional cash on cash: 0.54% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.99% Traditional ROI: 0.54%
Parcel 1 Vfw Rd Cheboygan, MI Parcel 1 Vfw Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$74,000	Airbnb cash on cash: 2.46% Traditional cash on cash: 7.4% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: 2.46% Traditional ROI: 7.4%
Parcel 3 Vfw Rd Cheboygan, MI Parcel 3 Vfw Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$49,500	Airbnb cash on cash: 4.69% Traditional cash on cash: 11.85% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: 4.69% Traditional ROI: 11.85%
Lot 3 Mograin Rd Cheboygan, MI Lot 3 Mograin Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: -0.46% Traditional cash on cash: 1.6% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.46% Traditional ROI: 1.6%
Lot 7 Mograin Cheboygan, MI Lot 7 Mograin, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: -0.46% Traditional cash on cash: 1.6% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.46% Traditional ROI: 1.6%
Lot 10 Mograin Cheboygan, MI Lot 10 Mograin, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: -0.46% Traditional cash on cash: 1.6% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.46% Traditional ROI: 1.6%
Lot 2 Mograin Cheboygan, MI Lot 2 Mograin, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: -0.46% Traditional cash on cash: 1.6% Airbnb Rental Income: $772 Traditional Rental Income: $816 Airbnb ROI: -0.46% Traditional ROI: 1.6%

Real Estate investment in Cheboygan, MI

There are 72 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $185,000 and the average price per square foot is $114. In April 2026, the average monthly cash on cash return in Cheboygan is 6.00%. The average monthly rental income in Cheboygan is $1,108.

Cheboygan, MI Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 72 investment properties available for sale in Cheboygan.

In 2026, the best neighborhood to buy investment property is Cheboygan.

The ROI for Long-Term is higher than the Short-Term in Cheboygan with average rental income of $1,108.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

178 Riverside Dr

Cheboygan, MI

5 beds | 4 baths | 3,360 sq.ft.

$525,000

Airbnb cash on cash: 0.78%

Traditional cash on cash: 6.27%

Airbnb Rental Income: $2287

Traditional Rental Income: $4411

Airbnb ROI: 0.78%

Traditional ROI: 6.27%

16294 Morningside Ln

Cheboygan, MI

2 beds | 2 baths | 1,481 sq.ft.

$379,000

Airbnb cash on cash: -0.21%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $850

Traditional Rental Income: $2191

Airbnb ROI: -0.21%

Traditional ROI: 4.49%

4460 W Us-23 Hwy

Cheboygan, MI

4 beds | 3 baths | 4,974 sq.ft.

$885,000

Airbnb cash on cash: -1.28%

Traditional cash on cash: 2.06%

Airbnb Rental Income: $1577

Traditional Rental Income: $3880

Airbnb ROI: -1.28%

Traditional ROI: 2.06%

502 S Huron St

Cheboygan, MI

3 beds | 2 baths | 2,712 sq.ft.

$325,000

Airbnb cash on cash: 0.75%

Traditional cash on cash: 5.09%

Airbnb Rental Income: $1538

Traditional Rental Income: $2418

Airbnb ROI: 0.75%

Traditional ROI: 5.09%

216 Riverside Dr

Cheboygan, MI

3 beds | 2 baths | 1,938 sq.ft.

$475,000

Airbnb cash on cash: -0.28%

Traditional cash on cash: 3.72%

Airbnb Rental Income: $1538

Traditional Rental Income: $2870

Airbnb ROI: -0.28%

Traditional ROI: 3.72%

10280 Us-23

Cheboygan, MI

3 beds | 2 baths | 1,823 sq.ft.

$294,000

Airbnb cash on cash: 1.09%

Traditional cash on cash: 3.93%

Airbnb Rental Income: $1538

Traditional Rental Income: $1879

Airbnb ROI: 1.09%

Traditional ROI: 3.93%

509 W First St

Cheboygan, MI

4 beds | 2 baths | 2,216 sq.ft.

$199,000

Airbnb cash on cash: 3.38%

Traditional cash on cash: 11.84%

Airbnb Rental Income: $1577

Traditional Rental Income: $2725

Airbnb ROI: 3.38%

Traditional ROI: 11.84%

10951 Butler Rd

Cheboygan, MI

3 beds | 2 baths | 3,766 sq.ft.

$344,900

Airbnb cash on cash: 0.56%

Traditional cash on cash: 4.15%

Airbnb Rental Income: $1538

Traditional Rental Income: $2254

Airbnb ROI: 0.56%