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
14281 Larchway Court Cheboygan, MI Start enjoying this Up North getaway just steps from the shores of Lake Huron! Enjoy easy ...	3 beds \| 1 baths \| 1,008 sq.ft.	$228,000	Airbnb cash on cash: 5% Traditional cash on cash: 7.27% Airbnb Rental Income: $1984 Traditional Rental Income: $1954 Airbnb ROI: 5% Traditional ROI: 7.27%
1805 E State Street Cheboygan, MI Full of character and potential, this classic 3-bedroom, 1-bath home offers over 1,500 sq ...	3 beds \| 1 baths \| 2,589 sq.ft.	$195,000	Airbnb cash on cash: 5.5% Traditional cash on cash: 7.52% Airbnb Rental Income: $1984 Traditional Rental Income: $1837 Airbnb ROI: 5.5% Traditional ROI: 7.52%
16294 Morningside Lane 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: 1.88% Traditional cash on cash: 4.49% Airbnb Rental Income: $1744 Traditional Rental Income: $2191 Airbnb ROI: 1.88% Traditional ROI: 4.49%
216 Riverside Drive 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.	$315,000	Airbnb cash on cash: 2.11% Traditional cash on cash: 6.85% Airbnb Rental Income: $1984 Traditional Rental Income: $2870 Airbnb ROI: 2.11% Traditional ROI: 6.85%
321 Dresser Street Cheboygan, MI Excellent opportunity to own an updated triplex just two blocks from downtown Cheboygan. T...	4 beds \| 3 baths \| N/A	$209,900	Airbnb cash on cash: 9.51% Traditional cash on cash: 8.16% Airbnb Rental Income: $3106 Traditional Rental Income: $2131 Airbnb ROI: 9.51% Traditional ROI: 8.16%
2262 Verlinden Drive Cheboygan, MI Set along the shores of Lake Huron, this 3-bedroom, 1-bath cabin offers 100 feet of sandy ...	3 beds \| 1 baths \| 864 sq.ft.	$200,000	Airbnb cash on cash: 4.71% Traditional cash on cash: 7.25% Airbnb Rental Income: $1984 Traditional Rental Income: $1948 Airbnb ROI: 4.71% Traditional ROI: 7.25%
2364 Vanyea Road Cheboygan, MI JUST REDUCED! Charming Country Retreat Just Outside Cheboygan! Welcome to this beautifully...	3 beds \| 2 baths \| 2,728 sq.ft.	$349,000	Airbnb cash on cash: 1.66% Traditional cash on cash: 2.59% Airbnb Rental Income: $1984 Traditional Rental Income: $1770 Airbnb ROI: 1.66% Traditional ROI: 2.59%
5167 Reynolds Road Cheboygan, MI Looking for the ultimate Northern Michigan retreat? Situated just minutes from the renowne...	2 beds \| 3 baths \| 1,795 sq.ft.	$269,000	Airbnb cash on cash: 2.1% Traditional cash on cash: 5.19% Airbnb Rental Income: $1744 Traditional Rental Income: $2049 Airbnb ROI: 2.1% Traditional ROI: 5.19%
1454 Sand Road Cheboygan, MI Charming 3-bedroom, 2-bath home nestled on 7 acres of beautiful hardwoods and located with...	3 beds \| 2 baths \| 2,900 sq.ft.	$389,900	Airbnb cash on cash: 2.28% Traditional cash on cash: 5.26% Airbnb Rental Income: $1984 Traditional Rental Income: $2551 Airbnb ROI: 2.28% Traditional ROI: 5.26%
11811 Mackinaw Straits Drive Cheboygan, MI Welcome to Highbanks Haven, an exceptional Lake Huron retreat! Perched above a stunning pa...	2 beds \| 1 baths \| 1,263 sq.ft.	$590,000	Airbnb cash on cash: 0.63% Traditional cash on cash: 1.61% Airbnb Rental Income: $1744 Traditional Rental Income: $1801 Airbnb ROI: 0.63% Traditional ROI: 1.61%
4849 Betterly Drive Cheboygan, MI Enjoy peace, privacy, and the best of Northern Michigan living on this stunning Black Rive...	3 beds \| 3 baths \| 2,704 sq.ft.	$329,000	Airbnb cash on cash: 1.91% Traditional cash on cash: 7.56% Airbnb Rental Income: $1984 Traditional Rental Income: $3210 Airbnb ROI: 1.91% Traditional ROI: 7.56%
2239 E Levering Road Cheboygan, MI Whether you're searching for your first home, a Northern Michigan getaway, or the next cha...	3 beds \| 1 baths \| 1,168 sq.ft.	$219,900	Airbnb cash on cash: 4.07% Traditional cash on cash: 6.18% Airbnb Rental Income: $1984 Traditional Rental Income: $1904 Airbnb ROI: 4.07% Traditional ROI: 6.18%
8811 Hebron Town Hall Road Cheboygan, MI If you are looking for a quiet, peaceful home with room to stretch your legs or to grow th...	3 beds \| 2 baths \| 1,680 sq.ft.	$399,900	Airbnb cash on cash: 1.13% Traditional cash on cash: 3.96% Airbnb Rental Income: $1984 Traditional Rental Income: $2526 Airbnb ROI: 1.13% Traditional ROI: 3.96%
6626 Varonica Lane Cheboygan, MI A rare Northern Michigan offering with endless potential. This unique property boasts 714 ...	3 beds \| 2 baths \| 1,749 sq.ft.	$329,900	Airbnb cash on cash: 2.61% Traditional cash on cash: 6.98% Airbnb Rental Income: $1984 Traditional Rental Income: $2819 Airbnb ROI: 2.61% Traditional ROI: 6.98%
8751 Cordwood Trail Cheboygan, MI Discover refined lakefront living in this newly renovated 3-bedroom, 2-bath home, offering...	3 beds \| 2 baths \| 1,908 sq.ft.	$599,900	Airbnb cash on cash: 0.68% Traditional cash on cash: 2.49% Airbnb Rental Income: $1984 Traditional Rental Income: $2477 Airbnb ROI: 0.68% Traditional ROI: 2.49%
6491 Carey Road Cheboygan, MI Looking for an affordable Up North getaway with room to roam? This well-maintained 1-bedro...	1 beds \| 1 baths \| 770 sq.ft.	$169,000	Airbnb cash on cash: 4.55% Traditional cash on cash: 6.61% Airbnb Rental Income: $1495 Traditional Rental Income: $1388 Airbnb ROI: 4.55% Traditional ROI: 6.61%
615 Duncan Avenue Cheboygan, MI Priced to Sell! Spacious 3-bedroom home on 1.4 acres within the City of Cheboygan. Located...	3 beds \| 1 baths \| 1,386 sq.ft.	$155,000	Airbnb cash on cash: 6.75% Traditional cash on cash: 8.84% Airbnb Rental Income: $1984 Traditional Rental Income: $1775 Airbnb ROI: 6.75% Traditional ROI: 8.84%
1220 Court Street Cheboygan, MI Freshly remodeled and full of charm, this inviting 2-bedroom, 1-bath home is ideally locat...	2 beds \| 1 baths \| 1,235 sq.ft.	$165,000	Airbnb cash on cash: 5.7% Traditional cash on cash: 8.54% Airbnb Rental Income: $1744 Traditional Rental Income: $1711 Airbnb ROI: 5.7% Traditional ROI: 8.54%
50 W Parkway Drive Cheboygan, MI What if your Northern Michigan escape could pay for itself? Picture catching glimpses of M...	4 beds \| 4 baths \| 2,808 sq.ft.	$499,999	Airbnb cash on cash: 2.4% Traditional cash on cash: 5.58% Airbnb Rental Income: $3106 Traditional Rental Income: $3883 Airbnb ROI: 2.4% Traditional ROI: 5.58%
7250 Artesian Trail Cheboygan, MI Discover the ultimate blend of comfort and sophistication with this fully furnished, turnk...	4 beds \| 4 baths \| 4,200 sq.ft.	$750,000	Airbnb cash on cash: 1.94% Traditional cash on cash: 4.96% Airbnb Rental Income: $3106 Traditional Rental Income: $4509 Airbnb ROI: 1.94% Traditional ROI: 4.96%
3899 Miami Beach Drive 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: 5.38% Traditional cash on cash: 10.51% Airbnb Rental Income: $1984 Traditional Rental Income: $2433 Airbnb ROI: 5.38% Traditional ROI: 10.51%
V/L 1.26AC Townline Rd #1.26 Acres Cheboygan, MI V/L 1.26AC Townline Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$100,000	Airbnb cash on cash: 7.43% Traditional cash on cash: 4.94% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 7.43% Traditional ROI: 4.94%
V/L 1.70AC Townline Rd & Stempky St #1.70 Acres Cheboygan, MI V/L 1.70AC Townline Rd & Stempky St, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$150,000	Airbnb cash on cash: 4.21% Traditional cash on cash: 2.52% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 4.21% Traditional ROI: 2.52%
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: 1.57% Traditional cash on cash: 0.54% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 1.57% Traditional ROI: 0.54%
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: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% 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: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% 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: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% 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: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% Traditional ROI: 1.6%
Lot 9 Mograin Cheboygan, MI Lot 9 Mograin, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% Traditional ROI: 1.6%
Lot 5 Mograin Cheboygan, MI Lot 5 Mograin, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$185,000	Airbnb cash on cash: 2.97% Traditional cash on cash: 1.6% Airbnb Rental Income: $1496 Traditional Rental Income: $816 Airbnb ROI: 2.97% Traditional ROI: 1.6%

Real Estate investment in Cheboygan, MI

There are 141 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $177,366 and the average price per square foot is $100. In November 2026, the average monthly cash on cash return in Cheboygan is 5.00%. The average monthly rental income in Cheboygan is $1,321.

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

There are 141 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 $1,321.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

14281 Larchway Court

Cheboygan, MI

3 beds | 1 baths | 1,008 sq.ft.

$228,000

Airbnb cash on cash: 5%

Traditional cash on cash: 7.27%

Airbnb Rental Income: $1984

Traditional Rental Income: $1954

Airbnb ROI: 5%

Traditional ROI: 7.27%

1805 E State Street

Cheboygan, MI

3 beds | 1 baths | 2,589 sq.ft.

$195,000

Airbnb cash on cash: 5.5%

Traditional cash on cash: 7.52%

Airbnb Rental Income: $1984

Traditional Rental Income: $1837

Airbnb ROI: 5.5%

Traditional ROI: 7.52%

16294 Morningside Lane

Cheboygan, MI

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

$379,000

Airbnb cash on cash: 1.88%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $1744

Traditional Rental Income: $2191

Airbnb ROI: 1.88%

Traditional ROI: 4.49%

216 Riverside Drive

Cheboygan, MI

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

$315,000

Airbnb cash on cash: 2.11%

Traditional cash on cash: 6.85%

Airbnb Rental Income: $1984

Traditional Rental Income: $2870

Airbnb ROI: 2.11%

Traditional ROI: 6.85%

321 Dresser Street

Cheboygan, MI

4 beds | 3 baths | N/A

$209,900

Airbnb cash on cash: 9.51%

Traditional cash on cash: 8.16%

Airbnb Rental Income: $3106

Traditional Rental Income: $2131

Airbnb ROI: 9.51%

Traditional ROI: 8.16%

2262 Verlinden Drive

Cheboygan, MI

3 beds | 1 baths | 864 sq.ft.

$200,000

Airbnb cash on cash: 4.71%

Traditional cash on cash: 7.25%

Airbnb Rental Income: $1984

Traditional Rental Income: $1948

Airbnb ROI: 4.71%

Traditional ROI: 7.25%

2364 Vanyea Road

Cheboygan, MI

3 beds | 2 baths | 2,728 sq.ft.

$349,000

Airbnb cash on cash: 1.66%

Traditional cash on cash: 2.59%

Airbnb Rental Income: $1984

Traditional Rental Income: $1770

Airbnb ROI: 1.66%

Traditional ROI: 2.59%

5167 Reynolds Road

Cheboygan, MI

2 beds | 3 baths | 1,795 sq.ft.

$269,000

Airbnb cash on cash: 2.1%

Traditional cash on cash: 5.19%

Airbnb Rental Income: $1744

Traditional Rental Income: $2049

Airbnb ROI: 2.1%