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
14281 Larchway Court Cheboygan, MI Short walk to Lake Huron- swimming, canoeing, kayaking. 4 parks offering beach access and ...	3 beds \| 1 baths \| 1,008 sq.ft.	$239,500	Airbnb cash on cash: 3.77% Traditional cash on cash: 6.89% Airbnb Rental Income: $1724 Traditional Rental Income: $1954 Airbnb ROI: 3.77% Traditional ROI: 6.89%
1999 Bear Paw Lane Cheboygan, MI Perfect Up North Getaway or Investment Opportunity! Currently operating as a successful sh...	2 beds \| 1 baths \| 960 sq.ft.	$249,900	Airbnb cash on cash: 3.48% Traditional cash on cash: 2% Airbnb Rental Income: $2038 Traditional Rental Income: $1159 Airbnb ROI: 3.48% Traditional ROI: 2%
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.	$599,900	Airbnb cash on cash: 0.78% Traditional cash on cash: 5.18% Airbnb Rental Income: $2560 Traditional Rental Income: $4411 Airbnb ROI: 0.78% Traditional ROI: 5.18%
1357 Sharon Lane Cheboygan, MI CHEBOYGAN RIVER ACCESS This charming 3-bedroom home offers a peaceful setting in a quiet s...	3 beds \| 1 baths \| 1,410 sq.ft.	$199,900	Airbnb cash on cash: 3.57% Traditional cash on cash: 7.82% Airbnb Rental Income: $1724 Traditional Rental Income: $2054 Airbnb ROI: 3.57% Traditional ROI: 7.82%
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: 2.57% Traditional cash on cash: 4.49% Airbnb Rental Income: $2038 Traditional Rental Income: $2191 Airbnb ROI: 2.57% 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: -0.28% Traditional cash on cash: 3.68% Airbnb Rental Income: $1724 Traditional Rental Income: $3283 Airbnb ROI: -0.28% Traditional ROI: 3.68%
4460 W US-23 HIGHWAY Cheboygan, MI This beautifully crafted log home offers 120 feet of frontage on Lake Huron with breathtak...	4 beds \| 4 baths \| 4,974 sq.ft.	$885,000	Airbnb cash on cash: -0.82% Traditional cash on cash: 2.06% Airbnb Rental Income: $2031 Traditional Rental Income: $3880 Airbnb ROI: -0.82% Traditional ROI: 2.06%
657 Laperell Road 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.	$275,000	Airbnb cash on cash: 2.82% Traditional cash on cash: 7.52% Airbnb Rental Income: $1724 Traditional Rental Income: $2466 Airbnb ROI: 2.82% Traditional ROI: 7.52%
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: 5.38% Traditional cash on cash: 11.84% Airbnb Rental Income: $2031 Traditional Rental Income: $2725 Airbnb ROI: 5.38% Traditional ROI: 11.84%
5560 Chestnut Drive Cheboygan, MI Welcome to 5560 Chestnut Drive, where the serenity of lakefront living meets thoughtful cr...	4 beds \| N/A baths \| 2,230 sq.ft.	$794,000	Airbnb cash on cash: 0.33% Traditional cash on cash: 3.48% Airbnb Rental Income: $2031 Traditional Rental Income: $3837 Airbnb ROI: 0.33% Traditional ROI: 3.48%
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: 4.34% Traditional cash on cash: 9.67% Airbnb Rental Income: $1724 Traditional Rental Income: $2146 Airbnb ROI: 4.34% Traditional ROI: 9.67%
8658 W Black Lane Cheboygan, MI Nestled along the Black River, part of Michigan's renowned Inland Waterway, this beautiful...	4 beds \| 3 baths \| 2,472 sq.ft.	$650,000	Airbnb cash on cash: -0.2% Traditional cash on cash: 1.06% Airbnb Rental Income: $2031 Traditional Rental Income: $2270 Airbnb ROI: -0.2% Traditional ROI: 1.06%
622 W Lincoln Avenue 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: 7.47% Traditional cash on cash: 6.1% Airbnb Rental Income: $1724 Traditional Rental Income: $1089 Airbnb ROI: 7.47% Traditional ROI: 6.1%
10370 Alpena State Rd Cheboygan, MI See RealtyBid for more information.	2 beds \| 1 baths \| 1,037 sq.ft.	$143,990	Airbnb cash on cash: 7.76% Traditional cash on cash: 7.28% Airbnb Rental Income: $2038 Traditional Rental Income: $1444 Airbnb ROI: 7.76% Traditional ROI: 7.28%
2960 W US-23 Highway Cheboygan, MI Completed in 2024, this new construction offers 150 feet of private Lake Huron shoreline w...	2 beds \| 1 baths \| 952 sq.ft.	$724,500	Airbnb cash on cash: -0.43% Traditional cash on cash: 0.43% Airbnb Rental Income: $2038 Traditional Rental Income: $2089 Airbnb ROI: -0.43% Traditional ROI: 0.43%
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: 5.42% Traditional cash on cash: 8.4% Airbnb Rental Income: $2031 Traditional Rental Income: $2034 Airbnb ROI: 5.42% Traditional ROI: 8.4%
4310 E Burt Lake Road Cheboygan, MI Welcome to 4310 E Burt Lake Rd! Enjoy this beautiful, open, bright and meticulously mainta...	4 beds \| 2 baths \| 1,914 sq.ft.	$360,000	Airbnb cash on cash: 2.15% Traditional cash on cash: 5.69% Airbnb Rental Income: $2031 Traditional Rental Income: $2699 Airbnb ROI: 2.15% Traditional ROI: 5.69%
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: 1.64% Traditional cash on cash: 6.22% Airbnb Rental Income: $1724 Traditional Rental Income: $2819 Airbnb ROI: 1.64% Traditional ROI: 6.22%
6348 ZOLNER ROAD Cheboygan, MI Discover the potential of this 2-bedroom, 2-bath ranch home situated on an expansive 189.5...	2 beds \| 2 baths \| 3,264 sq.ft.	$399,000	Airbnb cash on cash: 2.54% Traditional cash on cash: 3.86% Airbnb Rental Income: $2038 Traditional Rental Income: $2005 Airbnb ROI: 2.54% Traditional ROI: 3.86%
10480 N Straits Highway Cheboygan, MI CHEBOYGAN RIVER - First Time Offered! Enjoy stunning river views from this charming chalet...	3 beds \| 3 baths \| 2,852 sq.ft.	$600,000	Airbnb cash on cash: 0.07% Traditional cash on cash: 3.86% Airbnb Rental Income: $1724 Traditional Rental Income: $3372 Airbnb ROI: 0.07% Traditional ROI: 3.86%
2960 W US 23 Cheboygan, MI Completed in 2024, this new construction offers 150 feet of private Lake Huron shoreline w...	2 beds \| 1 baths \| 952 sq.ft.	$724,500	Airbnb cash on cash: 0.68% Traditional cash on cash: 1.22% Airbnb Rental Income: $2038 Traditional Rental Income: $1875 Airbnb ROI: 0.68% Traditional ROI: 1.22%
17244 Huron Bluff Avenue Cheboygan, MI This charming beachfront home overlooks the Straits of Mackinac with its freighter traffic...	4 beds \| 2 baths \| 1,875 sq.ft.	$589,900	Airbnb cash on cash: 0.77% Traditional cash on cash: 3.28% Airbnb Rental Income: $2031 Traditional Rental Income: $2883 Airbnb ROI: 0.77% Traditional ROI: 3.28%
2703 Orchard Beach Drive Cheboygan, MI Experience Up North Living with Comfort and Style Discover the perfect blend of charm, con...	3 beds \| 3 baths \| 1,792 sq.ft.	$299,900	Airbnb cash on cash: 2.93% Traditional cash on cash: 8.46% Airbnb Rental Income: $1724 Traditional Rental Income: $2808 Airbnb ROI: 2.93% Traditional ROI: 8.46%
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: 0.17% Traditional cash on cash: 4.72% Airbnb Rental Income: $2031 Traditional Rental Income: $3883 Airbnb ROI: 0.17% Traditional ROI: 4.72%
5969 BAYOU DRIVE Cheboygan, MI Beautifully maintained year-around home on 255ft off of the serene Black River! This spaci...	4 beds \| 2 baths \| 1,400 sq.ft.	$429,000	Airbnb cash on cash: 2.3% Traditional cash on cash: 4.53% Airbnb Rental Income: $2031 Traditional Rental Income: $2402 Airbnb ROI: 2.3% Traditional ROI: 4.53%
2890 US23 Cheboygan, MI Investor Alert - VRBO or Airbnb Opportunity! This rare Lake Huron property offers 200 feet...	3 beds \| 2 baths \| 1,400 sq.ft.	$749,000	Airbnb cash on cash: 0.59% Traditional cash on cash: 1.99% Airbnb Rental Income: $1724 Traditional Rental Income: $2224 Airbnb ROI: 0.59% Traditional ROI: 1.99%
7250 Artesian Trail Cheboygan, MI Motivated Seller-Fully furnished, turnkey, includes pontoon on Black River Home with Guest...	4 beds \| 4 baths \| 5,850 sq.ft.	$1,200,000	Airbnb cash on cash: 0.04% Traditional cash on cash: 2.73% Airbnb Rental Income: $2031 Traditional Rental Income: $4509 Airbnb ROI: 0.04% Traditional ROI: 2.73%
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: -0.51% Traditional cash on cash: 1.09% Airbnb Rental Income: $2038 Traditional Rental Income: $2636 Airbnb ROI: -0.51% Traditional ROI: 1.09%
106 S B Street Cheboygan, MI Charming 4-bedroom home in the heart of Cheboygan! Enjoy easy access to the Cheboygan Rive...	4 beds \| 1 baths \| 1,425 sq.ft.	$149,900	Airbnb cash on cash: 7.33% Traditional cash on cash: 10.57% Airbnb Rental Income: $2031 Traditional Rental Income: $1968 Airbnb ROI: 7.33% Traditional ROI: 10.57%
6120 Truscott Drive Cheboygan, MI Discover lakeside living at its best with this beautifully updated 3 bed, 2 bath home nest...	3 beds \| 2 baths \| 1,319 sq.ft.	$325,000	Airbnb cash on cash: 2.14% Traditional cash on cash: 5.84% Airbnb Rental Income: $1724 Traditional Rental Income: $2378 Airbnb ROI: 2.14% Traditional ROI: 5.84%
1083 SHORE DRIVE Cheboygan, MI Well-maintained brick ranch with deeded Lake Huron access just a short walk down the road....	3 beds \| 2 baths \| 1,304 sq.ft.	$259,000	Airbnb cash on cash: 2.21% Traditional cash on cash: 6.23% Airbnb Rental Income: $1724 Traditional Rental Income: $2232 Airbnb ROI: 2.21% Traditional ROI: 6.23%
7773 McDonald Road Cheboygan, MI Lakefront luxury on 4+/- acres embodies this stunning 3 bed, 3.5 bath retreat boasting 200...	3 beds \| 4 baths \| 3,626 sq.ft.	$2,900,000	Airbnb cash on cash: -2.1% Traditional cash on cash: -1.11% Airbnb Rental Income: $1724 Traditional Rental Income: $3927 Airbnb ROI: -2.1% Traditional ROI: -1.11%
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: 2.99% Traditional cash on cash: 7.55% Airbnb Rental Income: $1724 Traditional Rental Income: $2513 Airbnb ROI: 2.99% 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: 1.35% Traditional cash on cash: 4.93% Airbnb Rental Income: $1724 Traditional Rental Income: $2737 Airbnb ROI: 1.35% Traditional ROI: 4.93%
115 S D Street Cheboygan, MI Fresh on the Market this downtown estate home on the south side of the Cheboygan River hos...	3 beds \| 1 baths \| 2,000 sq.ft.	$169,999	Airbnb cash on cash: 5.45% Traditional cash on cash: 10.81% Airbnb Rental Income: $1724 Traditional Rental Income: $2117 Airbnb ROI: 5.45% Traditional ROI: 10.81%
11476 Butler Road Cheboygan, MI Country Comfort Meets Workshop Dreams! Gorgeous 3-bedroom, 2-bath home on 3.4 acres with p...	3 beds \| 2 baths \| 2,400 sq.ft.	$365,000	Airbnb cash on cash: 2.13% Traditional cash on cash: 6.44% Airbnb Rental Income: $1724 Traditional Rental Income: $2724 Airbnb ROI: 2.13% Traditional ROI: 6.44%
2063 FRANCE Cheboygan, MI Set along the Black River in Cheboygan, this home pairs rare stillness with everyday adven...	4 beds \| 3 baths \| 3,051 sq.ft.	$759,000	Airbnb cash on cash: 0.46% Traditional cash on cash: 3.47% Airbnb Rental Income: $2031 Traditional Rental Income: $3634 Airbnb ROI: 0.46% Traditional ROI: 3.47%
2063 France Lane Cheboygan, MI Set along the Black River in Cheboygan, this home pairs rare stillness with everyday adven...	4 beds \| 3 baths \| 3,051 sq.ft.	$759,000	Airbnb cash on cash: 0.46% Traditional cash on cash: 3.47% Airbnb Rental Income: $2031 Traditional Rental Income: $3635 Airbnb ROI: 0.46% Traditional ROI: 3.47%

Real Estate investment in Cheboygan, MI

There are 48 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $325,000 and the average price per square foot is $160. In October 2025, the average monthly cash on cash return in Cheboygan is 6.00%. The average monthly rental income in Cheboygan is $2,378.

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

There are 48 investment properties available for sale in Cheboygan.

In 2025, 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 $2,378.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

14281 Larchway Court

Cheboygan, MI

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

$239,500

Airbnb cash on cash: 3.77%

Traditional cash on cash: 6.89%

Airbnb Rental Income: $1724

Traditional Rental Income: $1954

Airbnb ROI: 3.77%

Traditional ROI: 6.89%

1999 Bear Paw Lane

Cheboygan, MI

2 beds | 1 baths | 960 sq.ft.

$249,900

Airbnb cash on cash: 3.48%

Traditional cash on cash: 2%

Airbnb Rental Income: $2038

Traditional Rental Income: $1159

Airbnb ROI: 3.48%

Traditional ROI: 2%

178 Riverside Drive

Cheboygan, MI

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

$599,900

Airbnb cash on cash: 0.78%

Traditional cash on cash: 5.18%

Airbnb Rental Income: $2560

Traditional Rental Income: $4411

Airbnb ROI: 0.78%

Traditional ROI: 5.18%

1357 Sharon Lane

Cheboygan, MI

3 beds | 1 baths | 1,410 sq.ft.

$199,900

Airbnb cash on cash: 3.57%

Traditional cash on cash: 7.82%

Airbnb Rental Income: $1724

Traditional Rental Income: $2054

Airbnb ROI: 3.57%

Traditional ROI: 7.82%

16294 MORNINGSIDE LANE

Cheboygan, MI

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

$379,000

Airbnb cash on cash: 2.57%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $2038

Traditional Rental Income: $2191

Airbnb ROI: 2.57%

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: -0.28%

Traditional cash on cash: 3.68%

Airbnb Rental Income: $1724

Traditional Rental Income: $3283

Airbnb ROI: -0.28%

Traditional ROI: 3.68%

4460 W US-23 HIGHWAY

Cheboygan, MI

4 beds | 4 baths | 4,974 sq.ft.

$885,000

Airbnb cash on cash: -0.82%

Traditional cash on cash: 2.06%

Airbnb Rental Income: $2031

Traditional Rental Income: $3880

Airbnb ROI: -0.82%

Traditional ROI: 2.06%

657 Laperell Road

Cheboygan, MI

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

$275,000

Airbnb cash on cash: 2.82%

Traditional cash on cash: 7.52%

Airbnb Rental Income: $1724

Traditional Rental Income: $2466

Airbnb ROI: 2.82%