Real Estate Investment Properties for Sale in Elk Rapids, MI

Looking for investment property in Elk Rapids, MI with high ROI ?

Explore a variety of short-term homes & houses in Elk Rapids, MI. Invest wisely with VRBO & Elk Rapids, 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 Elk Rapids, MI

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
14832 Williams Drive Elk Rapids, MI This charming 4-bedroom, 3-bath waterfront home on Birch Lake offers tranquil lakefront li...	4 beds \| 2 baths \| 1,680 sq.ft.	$724,900	Airbnb cash on cash: 1.83% Traditional cash on cash: 2.41% Airbnb Rental Income: $2741 Traditional Rental Income: $2488 Airbnb ROI: 1.83% Traditional ROI: 2.41%
7457 Cairn Highway Elk Rapids, MI Looking for the perfect vacation getaway, family home, or income-producing short-term rent...	3 beds \| 2 baths \| 1,464 sq.ft.	$399,900	Airbnb cash on cash: 1.56% Traditional cash on cash: 3.45% Airbnb Rental Income: $2177 Traditional Rental Income: $2333 Airbnb ROI: 1.56% Traditional ROI: 3.45%
7434 Terrace Avenue Elk Rapids, MI PUBLIC ACCESS ONLY 110' FROM BACKYARD at what is arguably the prettiest end of the lake wi...	3 beds \| 1 baths \| 1,698 sq.ft.	$424,000	Airbnb cash on cash: 2.51% Traditional cash on cash: 3.81% Airbnb Rental Income: $2177 Traditional Rental Income: $2142 Airbnb ROI: 2.51% Traditional ROI: 3.81%
10215 ELK LAKE ROAD Elk Rapids, MI You'll love this modern builder's own home on 4+ acres with multiple outbuildings and a fa...	4 beds \| 3 baths \| 2,681 sq.ft.	$1,150,000	Airbnb cash on cash: -0.16% Traditional cash on cash: 1.25% Airbnb Rental Income: $1857 Traditional Rental Income: $2865 Airbnb ROI: -0.16% Traditional ROI: 1.25%
103 Ottawa Elk Rapids, MI Price Improved! Built at the beginning of the twentieth century, this 1900s home has the p...	3 beds \| 1 baths \| 1,463 sq.ft.	$300,000	Airbnb cash on cash: 3.94% Traditional cash on cash: 3.87% Airbnb Rental Income: $2177 Traditional Rental Income: $1606 Airbnb ROI: 3.94% Traditional ROI: 3.87%
14088 BLUFF ROAD Elk Rapids, MI Discover an exceptional waterfront property on Old Mission Peninsula, boasting over 202' o...	5 beds \| 4 baths \| 3,001 sq.ft.	$2,750,000	Airbnb cash on cash: N/A Traditional cash on cash: 0.09% Airbnb Rental Income: $null Traditional Rental Income: $4495 Airbnb ROI: N/A Traditional ROI: 0.09%
8144 Cairn Highway Elk Rapids, MI Elk Rapids ranch home with 3 bedrooms, 1720 finished sq ft, oversized 2 car garage, full b...	3 beds \| 1 baths \| 1,720 sq.ft.	$573,500	Airbnb cash on cash: 1.33% Traditional cash on cash: 1.98% Airbnb Rental Income: $2177 Traditional Rental Income: $1976 Airbnb ROI: 1.33% Traditional ROI: 1.98%
2721 NELSON ROAD Elk Rapids, MI Old Mission Peninsulas Most Photographed Home - Iconic Green Design by William McDonough. ...	5 beds \| 6 baths \| 3,665 sq.ft.	$4,199,000	Airbnb cash on cash: N/A Traditional cash on cash: 0.07% Airbnb Rental Income: $null Traditional Rental Income: $6510 Airbnb ROI: N/A Traditional ROI: 0.07%
609 Cedar Street Elk Rapids, MI Great location in Elk Rapids westside. Easy walk to the beach, Elk Rapids Harbor and the M...	2 beds \| 2 baths \| 1,004 sq.ft.	$349,000	Airbnb cash on cash: 0.91% Traditional cash on cash: 3.38% Airbnb Rental Income: $1278 Traditional Rental Income: $1684 Airbnb ROI: 0.91% Traditional ROI: 3.38%
129 Center Street Elk Rapids, MI Welcome to this inviting 3-bedroom, 3-bath home located in the heart of downtown Elk Rapid...	3 beds \| 3 baths \| 1,540 sq.ft.	$335,000	Airbnb cash on cash: 3.11% Traditional cash on cash: 5.58% Airbnb Rental Income: $2177 Traditional Rental Income: $2403 Airbnb ROI: 3.11% Traditional ROI: 5.58%
144 River Street #B Elk Rapids, MI Nestled in the heart of downtown Elk Rapids, this beautiful lofted condo is a thoughtfully...	1 beds \| 1 baths \| 693 sq.ft.	$329,900	Airbnb cash on cash: -1.14% Traditional cash on cash: -0.04% Airbnb Rental Income: $1388 Traditional Rental Income: $1310 Airbnb ROI: -1.14% Traditional ROI: -0.04%
6705 W Harbor Drive Elk Rapids, MI Waterfront Living at Its Finest! Curb appeal and comfort come together in this beautifully...	3 beds \| 3 baths \| 2,350 sq.ft.	$1,150,000	Airbnb cash on cash: -1.1% Traditional cash on cash: 0.45% Airbnb Rental Income: $2177 Traditional Rental Income: $3279 Airbnb ROI: -1.1% Traditional ROI: 0.45%
6782 E Harbor Drive Elk Rapids, MI ESTATE SALE - walk out your back door, hop in your boat and motor into East Bay. Or head ...	3 beds \| 3 baths \| 1,381 sq.ft.	$645,000	Airbnb cash on cash: 1.09% Traditional cash on cash: 2.69% Airbnb Rental Income: $2177 Traditional Rental Income: $2589 Airbnb ROI: 1.09% Traditional ROI: 2.69%
8543 Cairn Highway Elk Rapids, MI 338 Feet of Elk Lake Frontage - Rare, Splittable Property. Properties like this are nearl...	4 beds \| 4 baths \| 2,000 sq.ft.	$3,200,000	Airbnb cash on cash: -0.59% Traditional cash on cash: -0.09% Airbnb Rental Income: $2741 Traditional Rental Income: $3594 Airbnb ROI: -0.59% Traditional ROI: -0.09%
3939 BLUE HEIGHTS DRIVE Elk Rapids, MI Old Mission Stunner! This home is perfection! With stunning East Bay views and a beach jus...	3 beds \| 3 baths \| 1,354 sq.ft.	$1,500,000	Airbnb cash on cash: -0.4% Traditional cash on cash: 0.41% Airbnb Rental Income: $1841 Traditional Rental Income: $2476 Airbnb ROI: -0.4% Traditional ROI: 0.41%
615 Buckley Elk Rapids, MI This four bedroom house with a double lot checks all the boxes for location. Schools, gol...	4 beds \| 1 baths \| 1,193 sq.ft.	$390,000	Airbnb cash on cash: 2.95% Traditional cash on cash: 2.16% Airbnb Rental Income: $2741 Traditional Rental Income: $1808 Airbnb ROI: 2.95% Traditional ROI: 2.16%
307 Lamoreaux Drive Elk Rapids, MI Beautiful, well maintained home in the desirable Elk Rapids Heights. This beauty boasts m...	2 beds \| 2 baths \| 1,592 sq.ft.	$389,900	Airbnb cash on cash: -0.38% Traditional cash on cash: 3.21% Airbnb Rental Income: $1278 Traditional Rental Income: $2189 Airbnb ROI: -0.38% Traditional ROI: 3.21%
591 MEADOWVIEW LANE Elk Rapids, MI Meticulously Maintained Ranch Condo in Elk Rapids Welcome to easy living in this beautifu...	2 beds \| 2 baths \| 1,483 sq.ft.	$419,000	Airbnb cash on cash: -0.74% Traditional cash on cash: 2.19% Airbnb Rental Income: $1278 Traditional Rental Income: $2025 Airbnb ROI: -0.74% Traditional ROI: 2.19%
14832 Williams Elk Rapids, MI This charming 4-bedroom, 3-bath waterfront home on Birch Lake offers tranquil lakefront li...	3 beds \| 3 baths \| 1,680 sq.ft.	$724,900	Airbnb cash on cash: 0.84% Traditional cash on cash: 2.59% Airbnb Rental Income: $2177 Traditional Rental Income: $2810 Airbnb ROI: 0.84% Traditional ROI: 2.59%
218 Brand Street Elk Rapids, MI Discover this spacious 4-bedroom, 2.5-bath, 2-story home offering nearly 2,200 sq. ft. of ...	4 beds \| 3 baths \| 2,196 sq.ft.	$469,000	Airbnb cash on cash: 2.67% Traditional cash on cash: 4.77% Airbnb Rental Income: $2741 Traditional Rental Income: $3015 Airbnb ROI: 2.67% Traditional ROI: 4.77%
405 Cedar Street Elk Rapids, MI There's a Harbor town in Northern Michigan called Elk Rapids, where life is just a bit swe...	3 beds \| 2 baths \| 1,288 sq.ft.	$550,000	Airbnb cash on cash: 1.03% Traditional cash on cash: 1.73% Airbnb Rental Income: $2177 Traditional Rental Income: $1981 Airbnb ROI: 1.03% Traditional ROI: 1.73%
6417 E Harbor Elk Rapids, MI VERY SPACIOUS & QUALITY BUILT/REMODELED RANCH STYLE HOME W/SHARED BAY FRONTAGE & SUB/PRIVA...	3 beds \| 3 baths \| 1,920 sq.ft.	$599,900	Airbnb cash on cash: 0.88% Traditional cash on cash: 3.42% Airbnb Rental Income: $2177 Traditional Rental Income: $3047 Airbnb ROI: 0.88% Traditional ROI: 3.42%
309 Golf View Lane #28 Elk Rapids, MI Welcome to easy living in the heart of Elk Rapids! This charming 2-bedroom, 2-bath Meadowv...	2 beds \| 2 baths \| 1,499 sq.ft.	$450,000	Airbnb cash on cash: 0.75% Traditional cash on cash: 3.85% Airbnb Rental Income: $1278 Traditional Rental Income: $2182 Airbnb ROI: 0.75% Traditional ROI: 3.85%

Real Estate investment in Elk-rapids, MI

There are 23 properties for sale in the city of Elk Rapids . The median list price in Elk Rapids is $550,000 and the average price per square foot is $312. In October 2025, the average monthly cash on cash return in Elk Rapids is 2.00%. The average monthly rental income in Elk Rapids is $2,368.

Elk-rapids, MI Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 23 investment properties available for sale in Elk-rapids.

In 2025, the best neighborhood to buy investment property is Elk Rapids.

The ROI for Long-Term is higher than the Short-Term in Elk-rapids with average rental income of $2,368.

Your search for investment property begins and ends here

Investment Property for Sale in Elk Rapids, MI

14832 Williams Drive

Elk Rapids, MI

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

$724,900

Airbnb cash on cash: 1.83%

Traditional cash on cash: 2.41%

Airbnb Rental Income: $2741

Traditional Rental Income: $2488

Airbnb ROI: 1.83%

Traditional ROI: 2.41%

7457 Cairn Highway

Elk Rapids, MI

3 beds | 2 baths | 1,464 sq.ft.

$399,900

Airbnb cash on cash: 1.56%

Traditional cash on cash: 3.45%

Airbnb Rental Income: $2177

Traditional Rental Income: $2333

Airbnb ROI: 1.56%

Traditional ROI: 3.45%

7434 Terrace Avenue

Elk Rapids, MI

3 beds | 1 baths | 1,698 sq.ft.

$424,000

Airbnb cash on cash: 2.51%

Traditional cash on cash: 3.81%

Airbnb Rental Income: $2177

Traditional Rental Income: $2142

Airbnb ROI: 2.51%

Traditional ROI: 3.81%

10215 ELK LAKE ROAD

Elk Rapids, MI

4 beds | 3 baths | 2,681 sq.ft.

$1,150,000

Airbnb cash on cash: -0.16%

Traditional cash on cash: 1.25%

Airbnb Rental Income: $1857

Traditional Rental Income: $2865

Airbnb ROI: -0.16%

Traditional ROI: 1.25%

103 Ottawa

Elk Rapids, MI

3 beds | 1 baths | 1,463 sq.ft.

$300,000

Airbnb cash on cash: 3.94%

Traditional cash on cash: 3.87%

Airbnb Rental Income: $2177

Traditional Rental Income: $1606

Airbnb ROI: 3.94%

Traditional ROI: 3.87%

14088 BLUFF ROAD

Elk Rapids, MI

5 beds | 4 baths | 3,001 sq.ft.

$2,750,000

Airbnb cash on cash: N/A

Traditional cash on cash: 0.09%

Airbnb Rental Income: $null

Traditional Rental Income: $4495

Airbnb ROI: N/A

Traditional ROI: 0.09%

8144 Cairn Highway

Elk Rapids, MI

3 beds | 1 baths | 1,720 sq.ft.

$573,500

Airbnb cash on cash: 1.33%

Traditional cash on cash: 1.98%

Airbnb Rental Income: $2177

Traditional Rental Income: $1976

Airbnb ROI: 1.33%

Traditional ROI: 1.98%

2721 NELSON ROAD

Elk Rapids, MI

5 beds | 6 baths | 3,665 sq.ft.

$4,199,000

Airbnb cash on cash: N/A

Traditional cash on cash: 0.07%

Airbnb Rental Income: $null

Traditional Rental Income: $6510

Airbnb ROI: N/A