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

separator

PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
178 Riverside Drive 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 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: 0.07% Traditional cash on cash: 4.49% Airbnb Rental Income: $973 Traditional Rental Income: $2191 Airbnb ROI: 0.07% Traditional ROI: 4.49%
502 S Huron Street Cheboygan, MI Gorgeous, impeccably maintained Craftsman-style home within Cheboygan city limits! This be...	3 beds \| 2 baths \| 2,713 sq.ft.	$325,000	Airbnb cash on cash: 0.21% Traditional cash on cash: 5.09% Airbnb Rental Income: $1340 Traditional Rental Income: $2418 Airbnb ROI: 0.21% Traditional ROI: 5.09%
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: 0.49% Traditional cash on cash: 3.93% Airbnb Rental Income: $1340 Traditional Rental Income: $1879 Airbnb ROI: 0.49% Traditional ROI: 3.93%
509 W FIRST STREET 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: 3.63% Traditional cash on cash: 11.84% Airbnb Rental Income: $1635 Traditional Rental Income: $2725 Airbnb ROI: 3.63% Traditional ROI: 11.84%
10951 Butler Road 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: 0.05% Traditional cash on cash: 4.15% Airbnb Rental Income: $1340 Traditional Rental Income: $2254 Airbnb ROI: 0.05% 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: 2.44% Traditional cash on cash: 9.67% Airbnb Rental Income: $1340 Traditional Rental Income: $2146 Airbnb ROI: 2.44% Traditional ROI: 9.67%
14200 SCENIC COURT 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: 1.46% Traditional cash on cash: 8.81% Airbnb Rental Income: $1340 Traditional Rental Income: $2866 Airbnb ROI: 1.46% Traditional ROI: 8.81%
172 E Lincoln Avenue 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: 3.56% Traditional cash on cash: 8.4% Airbnb Rental Income: $1635 Traditional Rental Income: $2034 Airbnb ROI: 3.56% Traditional ROI: 8.4%
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.	$365,000	Airbnb cash on cash: 0.7% Traditional cash on cash: 6.22% Airbnb Rental Income: $1340 Traditional Rental Income: $2819 Airbnb ROI: 0.7% Traditional ROI: 6.22%
300 Cass Street 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: 2.36% Traditional cash on cash: 8.48% Airbnb Rental Income: $973 Traditional Rental Income: $1500 Airbnb ROI: 2.36% Traditional ROI: 8.48%
106 S B Street Cheboygan, MI Located in the heart of Cheboygan, this charming 4-bedroom home (with one non-conforming b...	4 beds \| 1 baths \| 1,425 sq.ft.	$139,000	Airbnb cash on cash: 5.6% Traditional cash on cash: 11.56% Airbnb Rental Income: $1635 Traditional Rental Income: $1968 Airbnb ROI: 5.6% Traditional ROI: 11.56%
9452 M-33 unit: 2 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: 0.2% Traditional cash on cash: 2.97% Airbnb Rental Income: $848 Traditional Rental Income: $1338 Airbnb ROI: 0.2% 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: 2.2% Traditional cash on cash: 11.07% Airbnb Rental Income: $1340 Traditional Rental Income: $2767 Airbnb ROI: 2.2% Traditional ROI: 11.07%
10285 Scanlon Drive 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: 1.38% Traditional cash on cash: 10.09% Airbnb Rental Income: $973 Traditional Rental Income: $2033 Airbnb ROI: 1.38% Traditional ROI: 10.09%
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: 2.59% Traditional cash on cash: 10.56% Airbnb Rental Income: $1340 Traditional Rental Income: $2433 Airbnb ROI: 2.59% Traditional ROI: 10.56%
996 LaHaie Road 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: 0.8% Traditional cash on cash: 5.03% Airbnb Rental Income: $1635 Traditional Rental Income: $3152 Airbnb ROI: 0.8% Traditional ROI: 5.03%
190 Riverside Drive 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: 0.38% Traditional cash on cash: 4.26% Airbnb Rental Income: $1635 Traditional Rental Income: $2952 Airbnb ROI: 0.38% Traditional ROI: 4.26%
260 Duncan Avenue Cheboygan, MI You will feel like you hit the lottery with this home! Check out this AMAZING tri-level 5-...	5 beds \| 3 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%
2041 N Shane Lane Cheboygan, MI Pride of ownership shines in this well-cared-for 5-bedroom bi-level home, offering three b...	5 beds \| 1 baths \| 2,417 sq.ft.	$260,000	Airbnb cash on cash: 5.25% Traditional cash on cash: 6.44% Airbnb Rental Income: $2287 Traditional Rental Income: $2009 Airbnb ROI: 5.25% Traditional ROI: 6.44%
219 S MAIN STREET Cheboygan, MI Downtown Main Street condo living with space to dock up to a 40-foot boat on the Cheboygan...	2 beds \| 3 baths \| 2,118 sq.ft.	$470,000	Airbnb cash on cash: -1.32% Traditional cash on cash: 3.76% Airbnb Rental Income: $973 Traditional Rental Income: $2859 Airbnb ROI: -1.32% Traditional ROI: 3.76%
6637 Forsyth Drive Cheboygan, MI Nestled at the end of a quiet street on a cul-de-sac lies 300' of frontage with a 2 bedroo...	2 beds \| 1 baths \| 978 sq.ft.	$324,900	Airbnb cash on cash: -0.79% Traditional cash on cash: 1.5% Airbnb Rental Income: $973 Traditional Rental Income: $1322 Airbnb ROI: -0.79% Traditional ROI: 1.5%
415 GEORGE STREET Cheboygan, MI Not your typical new build, this sustainable eco-home is the first of its kind in Northern...	2 beds \| 1 baths \| 936 sq.ft.	$299,000	Airbnb cash on cash: -0.64% Traditional cash on cash: 2.63% Airbnb Rental Income: $973 Traditional Rental Income: $1543 Airbnb ROI: -0.64% Traditional ROI: 2.63%
10685 Upper Mograin Road Cheboygan, MI This property is where outdoor adventure meets year round comfort. While being located jus...	3 beds \| 2 baths \| 1,456 sq.ft.	$299,000	Airbnb cash on cash: 0.44% Traditional cash on cash: 4.74% Airbnb Rental Income: $1340 Traditional Rental Income: $2138 Airbnb ROI: 0.44% Traditional ROI: 4.74%
1238 COURT STREET Cheboygan, MI Located in Cheboygan, known for its Inland Waterway and four-season recreation, this prope...	5 beds \| 2 baths \| 2,727 sq.ft.	$275,000	Airbnb cash on cash: 3.74% Traditional cash on cash: 6.69% Airbnb Rental Income: $2287 Traditional Rental Income: $2482 Airbnb ROI: 3.74% Traditional ROI: 6.69%
8585 Swan Pointe Drive Cheboygan, MI Welcome to a boater's dream retreat featuring 167 feet of frontage on the Black River. Wit...	3 beds \| 2 baths \| 3,092 sq.ft.	$1,100,000	Airbnb cash on cash: -1.72% Traditional cash on cash: -0.2% Airbnb Rental Income: $1340 Traditional Rental Income: $2475 Airbnb ROI: -1.72% Traditional ROI: -0.2%
3332 EDGEWATER DRIVE Cheboygan, MI Welcome to Point Nipigon, where lakeside living meets comfort and convenience. This beauti...	3 beds \| 3 baths \| 1,723 sq.ft.	$675,000	Airbnb cash on cash: -1.2% Traditional cash on cash: 1.41% Airbnb Rental Income: $1340 Traditional Rental Income: $2573 Airbnb ROI: -1.2% Traditional ROI: 1.41%
1107 Randolph Street Cheboygan, MI Nice opportunity for first time buyers or retirees. Three bedrooms in the city limits with...	3 beds \| 1 baths \| 1,344 sq.ft.	$139,500	Airbnb cash on cash: 4.14% Traditional cash on cash: 11.19% Airbnb Rental Income: $1340 Traditional Rental Income: $1871 Airbnb ROI: 4.14% Traditional ROI: 11.19%
8335 U.S. 23 Cheboygan, MI Opportunity meets potential with this newly constructed home, built just last fall and alr...	2 beds \| 1 baths \| 1,350 sq.ft.	$219,000	Airbnb cash on cash: 0.03% Traditional cash on cash: 6.33% Airbnb Rental Income: $973 Traditional Rental Income: $1928 Airbnb ROI: 0.03% Traditional ROI: 6.33%
4097 S River Road Cheboygan, MI Custom-built, spacious 3-bedroom, 2-bath home featuring a bonus loft and dedicated office ...	3 beds \| 2 baths \| 2,319 sq.ft.	$389,000	Airbnb cash on cash: 0.63% Traditional cash on cash: 5.18% Airbnb Rental Income: $1340 Traditional Rental Income: $2588 Airbnb ROI: 0.63% Traditional ROI: 5.18%

Real Estate investment in Cheboygan, MI

There are 39 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $234,450 and the average price per square foot is $145. In April 2026, the average monthly cash on cash return in Cheboygan is 7.00%. The average monthly rental income in Cheboygan is $2,334.

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

There are 39 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 $2,334.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

178 Riverside Drive

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 LANE

Cheboygan, MI

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

$379,000

Airbnb cash on cash: 0.07%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $973

Traditional Rental Income: $2191

Airbnb ROI: 0.07%

Traditional ROI: 4.49%

502 S Huron Street

Cheboygan, MI

3 beds | 2 baths | 2,713 sq.ft.

$325,000

Airbnb cash on cash: 0.21%

Traditional cash on cash: 5.09%

Airbnb Rental Income: $1340

Traditional Rental Income: $2418

Airbnb ROI: 0.21%

Traditional ROI: 5.09%

10280 US-23

Cheboygan, MI

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

$294,000

Airbnb cash on cash: 0.49%

Traditional cash on cash: 3.93%

Airbnb Rental Income: $1340

Traditional Rental Income: $1879

Airbnb ROI: 0.49%

Traditional ROI: 3.93%

509 W FIRST STREET

Cheboygan, MI

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

$199,000

Airbnb cash on cash: 3.63%

Traditional cash on cash: 11.84%

Airbnb Rental Income: $1635

Traditional Rental Income: $2725

Airbnb ROI: 3.63%

Traditional ROI: 11.84%

10951 Butler Road

Cheboygan, MI

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

$344,900

Airbnb cash on cash: 0.05%

Traditional cash on cash: 4.15%

Airbnb Rental Income: $1340

Traditional Rental Income: $2254

Airbnb ROI: 0.05%

Traditional ROI: 4.15%

1803 N M 33 HWY

Cheboygan, MI

3 beds | 2 baths | 1,450 sq.ft.

$177,000

Airbnb cash on cash: 2.44%

Traditional cash on cash: 9.67%

Airbnb Rental Income: $1340

Traditional Rental Income: $2146

Airbnb ROI: 2.44%

Traditional ROI: 9.67%

14200 SCENIC COURT

Cheboygan, MI

3 beds | 2 baths | 1,800 sq.ft.

$279,989

Airbnb cash on cash: 1.46%

Traditional cash on cash: 8.81%

Airbnb Rental Income: $1340

Traditional Rental Income: $2866

Airbnb ROI: 1.46%