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
9265 John Werner Dr Cheboygan, MI Well-maintained 3-bedroom, 2-bathroom home on a private 1.27-acre lot just outside of Cheb...	3 beds \| 2 baths \| 1,680 sq.ft.	$239,900	Airbnb cash on cash: 4.18% Traditional cash on cash: 9.34% Airbnb Rental Income: $1869 Traditional Rental Income: $2537 Airbnb ROI: 4.18% Traditional ROI: 9.34%
14281 Larchway Ct Cheboygan, MI Discover your Up North retreat just a short stroll from the sparkling shores of Lake Huron...	3 beds \| 1 baths \| 1,008 sq.ft.	$249,000	Airbnb cash on cash: 4.1% Traditional cash on cash: 6.59% Airbnb Rental Income: $1869 Traditional Rental Income: $1954 Airbnb ROI: 4.1% Traditional ROI: 6.59%
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: 2.24% Traditional cash on cash: 6.27% Airbnb Rental Income: $3144 Traditional Rental Income: $4411 Airbnb ROI: 2.24% Traditional ROI: 6.27%
1805 E State St Cheboygan, MI Traditional 3bdr colonial in a great location situated on 2.5 acres! Hardwood floors, buil...	3 beds \| 1 baths \| 1,677 sq.ft.	$195,000	Airbnb cash on cash: 4.37% Traditional cash on cash: 6.9% Airbnb Rental Income: $1869 Traditional Rental Income: $1837 Airbnb ROI: 4.37% Traditional ROI: 6.9%
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: 1.23% Traditional cash on cash: 4.49% Airbnb Rental Income: $1468 Traditional Rental Income: $2191 Airbnb ROI: 1.23% Traditional ROI: 4.49%
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.	$410,900	Airbnb cash on cash: 0.79% Traditional cash on cash: 4.69% Airbnb Rental Income: $1869 Traditional Rental Income: $2870 Airbnb ROI: 0.79% Traditional ROI: 4.69%
5180 Hiawatha Dr Cheboygan, MI Lakefront living at its finest. Wake up to breathtaking sunrises. This stunning 100+-Ft Lo...	3 beds \| 2 baths \| 2,700 sq.ft.	$499,999	Airbnb cash on cash: 0.2% Traditional cash on cash: 3.68% Airbnb Rental Income: $1869 Traditional Rental Income: $2998 Airbnb ROI: 0.2% Traditional ROI: 3.68%
505 Lafayette Ave Cheboygan, MI Price Just Reduced! Charming 3 Bedroom Home on 3 Acres! Close to shopping, schools, and am...	3 beds \| 1 baths \| 1,583 sq.ft.	$225,000	Airbnb cash on cash: 3.47% Traditional cash on cash: 5.67% Airbnb Rental Income: $1869 Traditional Rental Income: $1837 Airbnb ROI: 3.47% Traditional ROI: 5.67%
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: 7.79% Traditional cash on cash: 11.84% Airbnb Rental Income: $2577 Traditional Rental Income: $2725 Airbnb ROI: 7.79% Traditional ROI: 11.84%
7209 S River Rd Cheboygan, MI Nestled along S River Road, this inviting 3-bedroom, 1-bath home offers a peaceful Norther...	3 beds \| 1 baths \| 3,192 sq.ft.	$239,900	Airbnb cash on cash: 3.11% Traditional cash on cash: 2.34% Airbnb Rental Income: $1869 Traditional Rental Income: $1196 Airbnb ROI: 3.11% Traditional ROI: 2.34%
480 E Seymour St Cheboygan, MI Move-in ready 3-bedroom, 2-bath home offering in-town convenience with a peaceful country ...	3 beds \| 2 baths \| 1,500 sq.ft.	$344,900	Airbnb cash on cash: 1.41% Traditional cash on cash: 2.33% Airbnb Rental Income: $1869 Traditional Rental Income: $1665 Airbnb ROI: 1.41% Traditional ROI: 2.33%
8658 W Black Ln Cheboygan, MI Welcome to your slice of Northern Michigan waterfront living on the Black River, where eve...	4 beds \| 2 baths \| 2,472 sq.ft.	$639,900	Airbnb cash on cash: 0.6% Traditional cash on cash: 1.12% Airbnb Rental Income: $2577 Traditional Rental Income: $2270 Airbnb ROI: 0.6% Traditional ROI: 1.12%
3748 Campbell Rd Cheboygan, MI Escape to country living in this 3 bed, 2 bath home on 1 acre. Enjoy panoramic views from ...	3 beds \| 2 baths \| 1,512 sq.ft.	$185,000	Airbnb cash on cash: 4.74% Traditional cash on cash: 6.55% Airbnb Rental Income: $1869 Traditional Rental Income: $1687 Airbnb ROI: 4.74% Traditional ROI: 6.55%
506 Horne St Cheboygan, MI Don't miss this beautifully maintained, 3-bedroom, 2-bath home ideally located in the hear...	3 beds \| 2 baths \| 1,512 sq.ft.	$279,900	Airbnb cash on cash: 2.32% Traditional cash on cash: 4.39% Airbnb Rental Income: $1869 Traditional Rental Income: $1915 Airbnb ROI: 2.32% Traditional ROI: 4.39%
1454 Sand Rd 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.	$399,900	Airbnb cash on cash: 1.95% Traditional cash on cash: 5.1% Airbnb Rental Income: $1869 Traditional Rental Income: $2551 Airbnb ROI: 1.95% Traditional ROI: 5.1%
11811 Mackinaw Straits Dr Cheboygan, MI Welcome to Highbanks Haven, an exceptional Lake Huron retreat! Perched above a stunning pa...	2 beds \| 1 baths \| 1,263 sq.ft.	$625,000	Airbnb cash on cash: 0.15% Traditional cash on cash: 1.46% Airbnb Rental Income: $1468 Traditional Rental Income: $1801 Airbnb ROI: 0.15% Traditional ROI: 1.46%
2168 Orchard Beach Rd Cheboygan, MI 4 Bedroom, 3 Bath Home Right Down the Road from Mullett Lake! This spacious home offers a ...	4 beds \| 2 baths \| 1,736 sq.ft.	$435,000	Airbnb cash on cash: 3.04% Traditional cash on cash: 6.16% Airbnb Rental Income: $2577 Traditional Rental Income: $3228 Airbnb ROI: 3.04% Traditional ROI: 6.16%
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.	$185,000	Airbnb cash on cash: 8.09% Traditional cash on cash: 8.52% Airbnb Rental Income: $2577 Traditional Rental Income: $2034 Airbnb ROI: 8.09% Traditional ROI: 8.52%
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.	$349,900	Airbnb cash on cash: 2.12% Traditional cash on cash: 6.53% Airbnb Rental Income: $1869 Traditional Rental Income: $2819 Airbnb ROI: 2.12% Traditional ROI: 6.53%
6491 Carey Rd Cheboygan, MI Welcome to your perfect cozy cabin or year-round home! This well-maintained home and yard...	1 beds \| 1 baths \| 770 sq.ft.	$205,000	Airbnb cash on cash: 2.81% Traditional cash on cash: 5.3% Airbnb Rental Income: $1311 Traditional Rental Income: $1388 Airbnb ROI: 2.81% Traditional ROI: 5.3%
10480 N Straits Hwy Cheboygan, MI Enjoy stunning Cheboygan River views from this inviting chalet-style home, set on a spacio...	3 beds \| 3 baths \| 2,852 sq.ft.	$549,900	Airbnb cash on cash: 0.4% Traditional cash on cash: 4.3% Airbnb Rental Income: $1869 Traditional Rental Income: $3372 Airbnb ROI: 0.4% Traditional ROI: 4.3%
451 Gower Ln Cheboygan, MI Charming Log Cabin on 100' of Sandy Mullett Lake Frontage! Step back in time and soak up t...	2 beds \| 1 baths \| 679 sq.ft.	$585,000	Airbnb cash on cash: -0.31% Traditional cash on cash: 0.48% Airbnb Rental Income: $1468 Traditional Rental Income: $1464 Airbnb ROI: -0.31% Traditional ROI: 0.48%
50 W Parkway Dr Cheboygan, MI Experience the Pinnacle of Northwoods Comfort: A Turn-Key Estate with Private Lake Access....	4 beds \| 4 baths \| 2,808 sq.ft.	$529,900	Airbnb cash on cash: 1.24% Traditional cash on cash: 5.12% Airbnb Rental Income: $2577 Traditional Rental Income: $3883 Airbnb ROI: 1.24% Traditional ROI: 5.12%
7250 Artesian Trl Cheboygan, MI New photos coming soon! Discover the ultimate blend of comfort and sophistication with thi...	4 beds \| 4 baths \| 4,200 sq.ft.	$1,185,000	Airbnb cash on cash: 0.47% Traditional cash on cash: 2.78% Airbnb Rental Income: $2577 Traditional Rental Income: $4509 Airbnb ROI: 0.47% Traditional ROI: 2.78%
6120 Truscott Dr Cheboygan, MI Spend the entire upcoming summer season on the shores of beautiful Twin Lakes! This update...	3 beds \| 1 baths \| 1,319 sq.ft.	$339,900	Airbnb cash on cash: 2.38% Traditional cash on cash: 5.54% Airbnb Rental Income: $1869 Traditional Rental Income: $2378 Airbnb ROI: 2.38% Traditional ROI: 5.54%
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.	$157,500	Airbnb cash on cash: 4.3% Traditional cash on cash: 10.94% Airbnb Rental Income: $1468 Traditional Rental Income: $2033 Airbnb ROI: 4.3% Traditional ROI: 10.94%
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: 4.88% Traditional cash on cash: 10.51% Airbnb Rental Income: $1869 Traditional Rental Income: $2433 Airbnb ROI: 4.88% Traditional ROI: 10.51%
190 Riverside Dr Cheboygan, MI Live the Inland Waterway Lifestyle on Riverside Drive Mornings here start slower... Coffee...	4 beds \| 2 baths \| 2,250 sq.ft.	$445,000	Airbnb cash on cash: 2.39% Traditional cash on cash: 4.78% Airbnb Rental Income: $2577 Traditional Rental Income: $2952 Airbnb ROI: 2.39% Traditional ROI: 4.78%
260 Duncan Ave Cheboygan, MI Not only are the sellers offering a $5,000 credit towards a buyers closing costs but they ...	5 beds \| 2 baths \| 2,245 sq.ft.	$269,000	Airbnb cash on cash: 6.7% Traditional cash on cash: 9.07% Airbnb Rental Income: $3144 Traditional Rental Income: $3034 Airbnb ROI: 6.7% Traditional ROI: 9.07%
10279 Oshaughnessy Rd Cheboygan, MI 10279 Oshaughnessy Rd, Cheboygan, MI 49721 \| Manufactured Home	3 beds \| 2 baths \| 1,644 sq.ft.	$329,000	Airbnb cash on cash: 1.6% Traditional cash on cash: 4.38% Airbnb Rental Income: $1869 Traditional Rental Income: $2227 Airbnb ROI: 1.6% Traditional ROI: 4.38%

Real Estate investment in Cheboygan, MI

There are 144 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $138,917 and the average price per square foot is $82. In July 2026, the average monthly cash on cash return in Cheboygan is 5.00%. The average monthly rental income in Cheboygan is $1,335.

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

There are 144 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 $1,335.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

9265 John Werner Dr

Cheboygan, MI

3 beds | 2 baths | 1,680 sq.ft.

$239,900

Airbnb cash on cash: 4.18%

Traditional cash on cash: 9.34%

Airbnb Rental Income: $1869

Traditional Rental Income: $2537

Airbnb ROI: 4.18%

Traditional ROI: 9.34%

14281 Larchway Ct

Cheboygan, MI

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

$249,000

Airbnb cash on cash: 4.1%

Traditional cash on cash: 6.59%

Airbnb Rental Income: $1869

Traditional Rental Income: $1954

Airbnb ROI: 4.1%

Traditional ROI: 6.59%

178 Riverside Dr

Cheboygan, MI

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

$525,000

Airbnb cash on cash: 2.24%

Traditional cash on cash: 6.27%

Airbnb Rental Income: $3144

Traditional Rental Income: $4411

Airbnb ROI: 2.24%

Traditional ROI: 6.27%

1805 E State St

Cheboygan, MI

3 beds | 1 baths | 1,677 sq.ft.

$195,000

Airbnb cash on cash: 4.37%

Traditional cash on cash: 6.9%

Airbnb Rental Income: $1869

Traditional Rental Income: $1837

Airbnb ROI: 4.37%

Traditional ROI: 6.9%

16294 Morningside Ln

Cheboygan, MI

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

$379,000

Airbnb cash on cash: 1.23%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $1468

Traditional Rental Income: $2191

Airbnb ROI: 1.23%

Traditional ROI: 4.49%

216 Riverside Dr

Cheboygan, MI

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

$410,900

Airbnb cash on cash: 0.79%

Traditional cash on cash: 4.69%

Airbnb Rental Income: $1869

Traditional Rental Income: $2870

Airbnb ROI: 0.79%

Traditional ROI: 4.69%

5180 Hiawatha Dr

Cheboygan, MI

3 beds | 2 baths | 2,700 sq.ft.

$499,999

Airbnb cash on cash: 0.2%

Traditional cash on cash: 3.68%

Airbnb Rental Income: $1869

Traditional Rental Income: $2998

Airbnb ROI: 0.2%

Traditional ROI: 3.68%

505 Lafayette Ave

Cheboygan, MI

3 beds | 1 baths | 1,583 sq.ft.

$225,000

Airbnb cash on cash: 3.47%

Traditional cash on cash: 5.67%

Airbnb Rental Income: $1869

Traditional Rental Income: $1837

Airbnb ROI: 3.47%