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
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: N/A Traditional cash on cash: 6.27% Airbnb Rental Income: $null Traditional Rental Income: $4411 Airbnb ROI: N/A Traditional ROI: 6.27%
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: N/A Traditional cash on cash: 4.49% Airbnb Rental Income: $null Traditional Rental Income: $2191 Airbnb ROI: N/A Traditional ROI: 4.49%
10901 N Black River Road Cheboygan, MI Welcome to your own Northern Michigan paradise! This 41 acre farm has a comfortable 3 bed,...	3 beds \| 3 baths \| 2,733 sq.ft.	$550,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.68% Airbnb Rental Income: $null Traditional Rental Income: $3283 Airbnb ROI: N/A Traditional ROI: 3.68%
502 S Huron St Cheboygan, MI Gorgeous, impeccably maintained Craftsman-style home within Cheboygan city limits! This be...	3 beds \| 2 baths \| 2,712 sq.ft.	$325,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.09% Airbnb Rental Income: $null Traditional Rental Income: $2418 Airbnb ROI: N/A Traditional ROI: 5.09%
657 Laperell Rd Cheboygan, MI Welcome to your peaceful ranch retreat on just under an acre and a half of land! This beau...	3 beds \| 2 baths \| 1,620 sq.ft.	$265,000	Airbnb cash on cash: N/A Traditional cash on cash: 7.83% Airbnb Rental Income: $null Traditional Rental Income: $2466 Airbnb ROI: N/A Traditional ROI: 7.83%
5180 Hiawatha Dr Cheboygan, MI Lakefront living at its finest. Wake up to breathtaking sunrises. This stunning 150+-Ft Lo...	3 beds \| 2 baths \| 2,700 sq.ft.	$555,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.07% Airbnb Rental Income: $null Traditional Rental Income: $2998 Airbnb ROI: N/A Traditional ROI: 3.07%
10280 Us-23 Cheboygan, MI Beautifully Remodeled 3-Bedroom Home Near Lake Huron! This fully remodeled 3-bedroom, 2-ba...	3 beds \| 2 baths \| 1,823 sq.ft.	$294,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.93% Airbnb Rental Income: $null Traditional Rental Income: $1879 Airbnb ROI: N/A Traditional ROI: 3.93%
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: N/A Traditional cash on cash: 11.84% Airbnb Rental Income: $null Traditional Rental Income: $2725 Airbnb ROI: N/A Traditional ROI: 11.84%
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: N/A Traditional cash on cash: 9.67% Airbnb Rental Income: $null Traditional Rental Income: $2146 Airbnb ROI: N/A Traditional ROI: 9.67%
622 W Lincoln Ave Cheboygan, MI This home is close to everything in town schools, trails, boat launch. Minutes to the attr...	3 beds \| 1 baths \| 2,068 sq.ft.	$120,000	Airbnb cash on cash: N/A Traditional cash on cash: 6.1% Airbnb Rental Income: $null Traditional Rental Income: $1089 Airbnb ROI: N/A Traditional ROI: 6.1%
5200 Blue Heron Ln Cheboygan, MI Priced well below Appraised Value Just in time for Summer, close and enjoy life on the...	3 beds \| 2 baths \| 2,274 sq.ft.	$465,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.12% Airbnb Rental Income: $null Traditional Rental Income: $2978 Airbnb ROI: N/A Traditional ROI: 5.12%
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.	$187,000	Airbnb cash on cash: N/A Traditional cash on cash: 8.4% Airbnb Rental Income: $null Traditional Rental Income: $2034 Airbnb ROI: N/A Traditional ROI: 8.4%
651 Lahaie Rd Cheboygan, MI Beautiful home with land just outside the city Limits. This 4 bedroom home has had many u...	4 beds \| 1 baths \| 1,900 sq.ft.	$199,900	Airbnb cash on cash: N/A Traditional cash on cash: 11.54% Airbnb Rental Income: $null Traditional Rental Income: $2761 Airbnb ROI: N/A Traditional ROI: 11.54%
3313 Bennett Rd Cheboygan, MI Tucked away in a peaceful neighborhood between Burt and Mullett Lake, this charming three-...	3 beds \| 2 baths \| 1,056 sq.ft.	$275,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.98% Airbnb Rental Income: $null Traditional Rental Income: $2067 Airbnb ROI: N/A Traditional ROI: 5.98%
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.	$365,000	Airbnb cash on cash: N/A Traditional cash on cash: 6.22% Airbnb Rental Income: $null Traditional Rental Income: $2819 Airbnb ROI: N/A Traditional ROI: 6.22%
6791 Zolner Rd Cheboygan, MI Welcome to this thoughtfully updated frame home set on 1.5 acres with a peaceful wooded ba...	3 beds \| 2 baths \| 1,352 sq.ft.	$249,900	Airbnb cash on cash: N/A Traditional cash on cash: 5.5% Airbnb Rental Income: $null Traditional Rental Income: $1987 Airbnb ROI: N/A Traditional ROI: 5.5%
370 Young Street Cheboygan, MI Charming Corner Lot Home Near Downtown Cheboygan! This 3 bed, 1 bath home is perfectly pos...	3 beds \| 1 baths \| 2,443 sq.ft.	$169,900	Airbnb cash on cash: N/A Traditional cash on cash: 9.4% Airbnb Rental Income: $null Traditional Rental Income: $1883 Airbnb ROI: N/A Traditional ROI: 9.4%
50 W Parkway Drive Cheboygan, MI Welcome to 50 W Parkway Drive - Your Dream Lifestyle Starts Here! This peaceful retreat is...	4 beds \| 4 baths \| 2,808 sq.ft.	$559,985	Airbnb cash on cash: N/A Traditional cash on cash: 4.72% Airbnb Rental Income: $null Traditional Rental Income: $3883 Airbnb ROI: N/A Traditional ROI: 4.72%
7250 Artesian Trl Cheboygan, MI Motivated Seller-Fully furnished, turnkey, includes pontoon on Black River Home with Guest...	4 beds \| 4 baths \| 4,200 sq.ft.	$1,185,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.78% Airbnb Rental Income: $null Traditional Rental Income: $4509 Airbnb ROI: N/A Traditional ROI: 2.78%
7096 Us-23 Cheboygan, MI Stunning Lake Huron Views on Nearly 2 Acres! Welcome to your Up North escape! Perched abov...	2 beds \| 2 baths \| 2,036 sq.ft.	$754,000	Airbnb cash on cash: N/A Traditional cash on cash: 1.09% Airbnb Rental Income: $null Traditional Rental Income: $2636 Airbnb ROI: N/A Traditional ROI: 1.09%
106 S B St Cheboygan, MI MOTIVATED SELLER! Charming 4-bedroom home in the heart of Cheboygan! Enjoy easy access to ...	4 beds \| 1 baths \| 1,425 sq.ft.	$139,000	Airbnb cash on cash: N/A Traditional cash on cash: 11.56% Airbnb Rental Income: $null Traditional Rental Income: $1968 Airbnb ROI: N/A Traditional ROI: 11.56%
2955 E MULLETT LAKE ROAD Cheboygan, MI Welcome to this spacious ranch-style home set on nearly 8 acres of peaceful Northern Michi...	3 beds \| 2 baths \| 1,800 sq.ft.	$295,000	Airbnb cash on cash: N/A Traditional cash on cash: 7.55% Airbnb Rental Income: $null Traditional Rental Income: $2513 Airbnb ROI: N/A Traditional ROI: 7.55%
8761 Cordwood Trail Cheboygan, MI Wonderful Water Wonderland Awaits You! ''LAKE HURON'' and its Majestic Views will capture ...	3 beds \| 2 baths \| 1,659 sq.ft.	$445,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.93% Airbnb Rental Income: $null Traditional Rental Income: $2737 Airbnb ROI: N/A Traditional ROI: 4.93%
9452 M-33 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: N/A Traditional cash on cash: 2.97% Airbnb Rental Income: $null Traditional Rental Income: $1338 Airbnb ROI: N/A Traditional ROI: 2.97%
3899 N Schook Rd 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: N/A Traditional cash on cash: 11.07% Airbnb Rental Income: $null Traditional Rental Income: $2767 Airbnb ROI: N/A Traditional ROI: 11.07%
419 Obrien Dr Cheboygan, MI New roof and back deck on this cozy 3 bedroom 1.5 baths home with attached garage near all...	3 beds \| 1 baths \| 1,462 sq.ft.	$175,000	Airbnb cash on cash: N/A Traditional cash on cash: 11.65% Airbnb Rental Income: $null Traditional Rental Income: $2383 Airbnb ROI: N/A Traditional ROI: 11.65%
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.	$174,900	Airbnb cash on cash: N/A Traditional cash on cash: 9.78% Airbnb Rental Income: $null Traditional Rental Income: $2033 Airbnb ROI: N/A Traditional ROI: 9.78%
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.	$210,000	Airbnb cash on cash: N/A Traditional cash on cash: 9.97% Airbnb Rental Income: $null Traditional Rental Income: $2433 Airbnb ROI: N/A Traditional ROI: 9.97%
996 Lahaie Rd 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: N/A Traditional cash on cash: 5.03% Airbnb Rental Income: $null Traditional Rental Income: $3152 Airbnb ROI: N/A Traditional ROI: 5.03%
190 Riverside Dr Cheboygan, MI Set along Northern Michigan's iconic inland waterway on the Cheboygan River, this 4 bed 2 ...	4 beds \| 2 baths \| 2,250 sq.ft.	$489,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.26% Airbnb Rental Income: $null Traditional Rental Income: $2952 Airbnb ROI: N/A Traditional ROI: 4.26%
260 Duncan Ave Cheboygan, MI 260 Duncan Ave, Cheboygan, MI 49721 \| Single Family Residential	5 beds \| 2 baths \| 3,086 sq.ft.	$279,900	Airbnb cash on cash: N/A Traditional cash on cash: 8.63% Airbnb Rental Income: $null Traditional Rental Income: $3034 Airbnb ROI: N/A Traditional ROI: 8.63%
10279 Oshaughnessy Rd Cheboygan, MI 10279 Oshaughnessy Rd, Cheboygan, MI 49721 \| Manufactured Home	3 beds \| 2 baths \| 1,644 sq.ft.	$349,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.99% Airbnb Rental Income: $null Traditional Rental Income: $2227 Airbnb ROI: N/A Traditional ROI: 3.99%
208 Duncan Ave Cheboygan, MI 208 Duncan Ave, Cheboygan, MI 49721 \| Single Family Residential	3 beds \| 2 baths \| 1,540 sq.ft.	$229,000	Airbnb cash on cash: N/A Traditional cash on cash: 7.01% Airbnb Rental Income: $null Traditional Rental Income: $2157 Airbnb ROI: N/A Traditional ROI: 7.01%
209 Duncan Ave Cheboygan, MI 209 Duncan Ave, Cheboygan, MI 49721 \| Single Family Residential	6 beds \| 2 baths \| 2,392 sq.ft.	$189,500	Airbnb cash on cash: N/A Traditional cash on cash: 10.31% Airbnb Rental Income: $null Traditional Rental Income: $2402 Airbnb ROI: N/A Traditional ROI: 10.31%
V/L 1.26AC Townline Rd Cheboygan, MI V/L 1.26AC Townline Rd, Cheboygan, MI 49721 \| Other	N/A beds \| N/A baths \| N/A	$170,500	Airbnb cash on cash: N/A Traditional cash on cash: 1.94% Airbnb Rental Income: $null Traditional Rental Income: $816 Airbnb ROI: N/A Traditional ROI: 1.94%

Real Estate investment in Cheboygan, MI

There are 82 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $185,000 and the average price per square foot is $123. In February 2026, the average monthly cash on cash return in Cheboygan is 6.00%. The average monthly rental income in Cheboygan is $1,133.

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

There are 82 investment properties available for sale in Cheboygan.

In 2026, the best neighborhood to buy investment property is Cheboygan.

The ROI for Short-Term is higher than the Long-Term in Cheboygan with average rental income of $N/A.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

178 Riverside Dr

Cheboygan, MI

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

$525,000

Airbnb cash on cash: N/A

Traditional cash on cash: 6.27%

Airbnb Rental Income: $null

Traditional Rental Income: $4411

Airbnb ROI: N/A

Traditional ROI: 6.27%

16294 Morningside Ln

Cheboygan, MI

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

$379,000

Airbnb cash on cash: N/A

Traditional cash on cash: 4.49%

Airbnb Rental Income: $null

Traditional Rental Income: $2191

Airbnb ROI: N/A

Traditional ROI: 4.49%

10901 N Black River Road

Cheboygan, MI

3 beds | 3 baths | 2,733 sq.ft.

$550,000

Airbnb cash on cash: N/A

Traditional cash on cash: 3.68%

Airbnb Rental Income: $null

Traditional Rental Income: $3283

Airbnb ROI: N/A

Traditional ROI: 3.68%

502 S Huron St

Cheboygan, MI

3 beds | 2 baths | 2,712 sq.ft.

$325,000

Airbnb cash on cash: N/A

Traditional cash on cash: 5.09%

Airbnb Rental Income: $null

Traditional Rental Income: $2418

Airbnb ROI: N/A

Traditional ROI: 5.09%

657 Laperell Rd

Cheboygan, MI

3 beds | 2 baths | 1,620 sq.ft.

$265,000

Airbnb cash on cash: N/A

Traditional cash on cash: 7.83%

Airbnb Rental Income: $null

Traditional Rental Income: $2466

Airbnb ROI: N/A

Traditional ROI: 7.83%

5180 Hiawatha Dr

Cheboygan, MI

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

$555,000

Airbnb cash on cash: N/A

Traditional cash on cash: 3.07%

Airbnb Rental Income: $null

Traditional Rental Income: $2998

Airbnb ROI: N/A

Traditional ROI: 3.07%

10280 Us-23

Cheboygan, MI

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

$294,000

Airbnb cash on cash: N/A

Traditional cash on cash: 3.93%

Airbnb Rental Income: $null

Traditional Rental Income: $1879

Airbnb ROI: N/A

Traditional ROI: 3.93%

509 W First St

Cheboygan, MI

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

$199,000

Airbnb cash on cash: N/A

Traditional cash on cash: 11.84%

Airbnb Rental Income: $null

Traditional Rental Income: $2725

Airbnb ROI: N/A