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: 1.27% Traditional cash on cash: 2.41% Airbnb Rental Income: $2292 Traditional Rental Income: $2488 Airbnb ROI: 1.27% 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: 1.76% Traditional cash on cash: 3.45% Airbnb Rental Income: $2266 Traditional Rental Income: $2333 Airbnb ROI: 1.76% Traditional ROI: 3.45%
6641 TIMBER LAKE DRIVE Elk Rapids, MI Direct waterfront very well maintained three bedroom Ranch on Birch Lake. Open layout with...	3 beds \| 2 baths \| 1,622 sq.ft.	$1,300,000	Airbnb cash on cash: -1.2% Traditional cash on cash: -1.19% Airbnb Rental Income: $2266 Traditional Rental Income: $1710 Airbnb ROI: -1.2% Traditional ROI: -1.19%
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: 2.69% Traditional cash on cash: 3.81% Airbnb Rental Income: $2266 Traditional Rental Income: $2142 Airbnb ROI: 2.69% Traditional ROI: 3.81%
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: 1.47% Traditional cash on cash: 1.98% Airbnb Rental Income: $2266 Traditional Rental Income: $1976 Airbnb ROI: 1.47% 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: 0.96% Traditional cash on cash: 3.38% Airbnb Rental Income: $1296 Traditional Rental Income: $1684 Airbnb ROI: 0.96% 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.	$325,000	Airbnb cash on cash: 3.48% Traditional cash on cash: 5.78% Airbnb Rental Income: $2266 Traditional Rental Income: $2403 Airbnb ROI: 3.48% Traditional ROI: 5.78%
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: -1.03% Traditional cash on cash: 0.45% Airbnb Rental Income: $2266 Traditional Rental Income: $3279 Airbnb ROI: -1.03% 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: 1.21% Traditional cash on cash: 2.69% Airbnb Rental Income: $2266 Traditional Rental Income: $2589 Airbnb ROI: 1.21% 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.	$2,995,000	Airbnb cash on cash: -0.7% Traditional cash on cash: -0.02% Airbnb Rental Income: $2292 Traditional Rental Income: $3594 Airbnb ROI: -0.7% Traditional ROI: -0.02%
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.	$1,399,900	Airbnb cash on cash: -0.08% Traditional cash on cash: 0.51% Airbnb Rental Income: $2266 Traditional Rental Income: $2476 Airbnb ROI: -0.08% Traditional ROI: 0.51%
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.	$350,000	Airbnb cash on cash: 2.43% Traditional cash on cash: 2.69% Airbnb Rental Income: $2292 Traditional Rental Income: $1808 Airbnb ROI: 2.43% Traditional ROI: 2.69%
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: -0.34% Traditional cash on cash: 3.21% Airbnb Rental Income: $1296 Traditional Rental Income: $2189 Airbnb ROI: -0.34% Traditional ROI: 3.21%
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: 0.95% Traditional cash on cash: 2.59% Airbnb Rental Income: $2266 Traditional Rental Income: $2810 Airbnb ROI: 0.95% Traditional ROI: 2.59%
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: 0.79% Traditional cash on cash: 3.85% Airbnb Rental Income: $1296 Traditional Rental Income: $2182 Airbnb ROI: 0.79% Traditional ROI: 3.85%
132 Ames Street Elk Rapids, MI Outstanding investment opportunity in the Village of Elk Rapids. This well-maintained 1,67...	3 beds \| 2 baths \| 1,344 sq.ft.	$399,000	Airbnb cash on cash: 2.16% Traditional cash on cash: 3.41% Airbnb Rental Income: $2266 Traditional Rental Income: $2168 Airbnb ROI: 2.16% Traditional ROI: 3.41%
10937 Shore Drive Elk Rapids, MI Elk Lake home with 117â of Private Frontage in coveted Clearwater Shores! Discover the ...	3 beds \| 2 baths \| 1,811 sq.ft.	$1,499,000	Airbnb cash on cash: 0.12% Traditional cash on cash: 0.85% Airbnb Rental Income: $2266 Traditional Rental Income: $2710 Airbnb ROI: 0.12% Traditional ROI: 0.85%

Real Estate investment in Elk-rapids, MI

There are 19 properties for sale in the city of Elk Rapids . The median list price in Elk Rapids is $645,000 and the average price per square foot is $365. In December 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 19 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: 1.27%

Traditional cash on cash: 2.41%

Airbnb Rental Income: $2292

Traditional Rental Income: $2488

Airbnb ROI: 1.27%

Traditional ROI: 2.41%

7457 Cairn Highway

Elk Rapids, MI

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

$399,900

Airbnb cash on cash: 1.76%

Traditional cash on cash: 3.45%

Airbnb Rental Income: $2266

Traditional Rental Income: $2333

Airbnb ROI: 1.76%

Traditional ROI: 3.45%

6641 TIMBER LAKE DRIVE

Elk Rapids, MI

3 beds | 2 baths | 1,622 sq.ft.

$1,300,000

Airbnb cash on cash: -1.2%

Traditional cash on cash: -1.19%

Airbnb Rental Income: $2266

Traditional Rental Income: $1710

Airbnb ROI: -1.2%

Traditional ROI: -1.19%

7434 Terrace Avenue

Elk Rapids, MI

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

$424,000

Airbnb cash on cash: 2.69%

Traditional cash on cash: 3.81%

Airbnb Rental Income: $2266

Traditional Rental Income: $2142

Airbnb ROI: 2.69%

Traditional ROI: 3.81%

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: 1.47%

Traditional cash on cash: 1.98%

Airbnb Rental Income: $2266

Traditional Rental Income: $1976

Airbnb ROI: 1.47%

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

Traditional ROI: 0.07%

609 Cedar Street

Elk Rapids, MI

2 beds | 2 baths | 1,004 sq.ft.

$349,000

Airbnb cash on cash: 0.96%

Traditional cash on cash: 3.38%

Airbnb Rental Income: $1296

Traditional Rental Income: $1684

Airbnb ROI: 0.96%