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: 4.38% Traditional cash on cash: 6.89% Airbnb Rental Income: $1890 Traditional Rental Income: $1954 Airbnb ROI: 4.38% Traditional ROI: 6.89%
1357 Sharon Lane Cheboygan, MI PRICED REDUCED, CHEBOYGAN RIVER ACCESS This charming 3-bedroom home offers a peaceful sett...	3 beds \| 1 baths \| 1,410 sq.ft.	$219,999	Airbnb cash on cash: 3.69% Traditional cash on cash: 6.9% Airbnb Rental Income: $1890 Traditional Rental Income: $2054 Airbnb ROI: 3.69% Traditional ROI: 6.9%
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: 2.48% Traditional cash on cash: 4.49% Airbnb Rental Income: $1999 Traditional Rental Income: $2191 Airbnb ROI: 2.48% Traditional ROI: 4.49%
1618 Center Street Cheboygan, MI Perfectly situated less than a mile from Aloha State Park on the stunning shores of Mullet...	4 beds \| 2 baths \| 2,604 sq.ft.	$359,500	Airbnb cash on cash: 2.21% Traditional cash on cash: 5.25% Airbnb Rental Income: $2255 Traditional Rental Income: $2715 Airbnb ROI: 2.21% Traditional ROI: 5.25%
10901 N Black River Road Cheboygan, MI Welcome to your own Northern Michigan paradise! This 73+ acre farm with 1000' of road fron...	3 beds \| 3 baths \| 2,733 sq.ft.	$799,000	Airbnb cash on cash: -0.79% Traditional cash on cash: 1.76% Airbnb Rental Income: $1890 Traditional Rental Income: $3283 Airbnb ROI: -0.79% Traditional ROI: 1.76%
250 M-33 Highway Cheboygan, MI Perfect for year-round living, a summer retreat, or up north cabin, this cozy home sits di...	2 beds \| 1 baths \| 1,040 sq.ft.	$169,900	Airbnb cash on cash: 6.03% Traditional cash on cash: 6.82% Airbnb Rental Income: $1999 Traditional Rental Income: $1604 Airbnb ROI: 6.03% Traditional ROI: 6.82%
5560 Chestnut Drive Cheboygan, MI Welcome to 5560 Chestnut Drive, where the serenity of lakefront living meets thoughtful cr...	4 beds \| 5 baths \| 4,460 sq.ft.	$839,000	Airbnb cash on cash: 0.49% Traditional cash on cash: 3.24% Airbnb Rental Income: $2255 Traditional Rental Income: $3837 Airbnb ROI: 0.49% Traditional ROI: 3.24%
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: 5.16% Traditional cash on cash: 9.67% Airbnb Rental Income: $1890 Traditional Rental Income: $2146 Airbnb ROI: 5.16% Traditional ROI: 9.67%
6510 CAREY ROAD Cheboygan, MI Just over 2 acres of peaceful country living with room to spread out and enjoy the outdoor...	3 beds \| 2 baths \| 1,762 sq.ft.	$360,000	Airbnb cash on cash: 1.3% Traditional cash on cash: 3.03% Airbnb Rental Income: $1890 Traditional Rental Income: $1971 Airbnb ROI: 1.3% Traditional ROI: 3.03%
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: 0.1% Traditional cash on cash: 1.06% Airbnb Rental Income: $2255 Traditional Rental Income: $2270 Airbnb ROI: 0.1% 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: 8.67% Traditional cash on cash: 6.1% Airbnb Rental Income: $1890 Traditional Rental Income: $1089 Airbnb ROI: 8.67% 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: 7.52% Traditional cash on cash: 7.28% Airbnb Rental Income: $1999 Traditional Rental Income: $1444 Airbnb ROI: 7.52% Traditional ROI: 7.28%
4849 Betterly Drive Cheboygan, MI Enjoy peace, privacy, and the best of Northern Michigan living on this stunning Black Rive...	3 beds \| 3 baths \| 2,704 sq.ft.	$289,000	Airbnb cash on cash: 2.23% Traditional cash on cash: 8.93% Airbnb Rental Income: $1890 Traditional Rental Income: $3210 Airbnb ROI: 2.23% Traditional ROI: 8.93%
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: -0.48% Traditional cash on cash: 0.43% Airbnb Rental Income: $1999 Traditional Rental Income: $2089 Airbnb ROI: -0.48% Traditional ROI: 0.43%
9408 N Straits Highway Cheboygan, MI Experience living on the famous Inland Waterway with this rare 5-acre property offering 23...	3 beds \| 2 baths \| 2,378 sq.ft.	$649,000	Airbnb cash on cash: 0.58% Traditional cash on cash: 2.42% Airbnb Rental Income: $1890 Traditional Rental Income: $2505 Airbnb ROI: 0.58% Traditional ROI: 2.42%
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.	$399,000	Airbnb cash on cash: 2.35% Traditional cash on cash: 5.04% Airbnb Rental Income: $2255 Traditional Rental Income: $2699 Airbnb ROI: 2.35% Traditional ROI: 5.04%
7461 Mullett Burt Road Cheboygan, MI Nestled on the northeast shore of Burt Lake, this stunning waterfront home blends comfort ...	3 beds \| 3 baths \| 1,750 sq.ft.	$1,099,999	Airbnb cash on cash: -0.49% Traditional cash on cash: 1.04% Airbnb Rental Income: $1890 Traditional Rental Income: $2943 Airbnb ROI: -0.49% Traditional ROI: 1.04%
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.	$460,000	Airbnb cash on cash: 2% Traditional cash on cash: 3.22% Airbnb Rental Income: $1999 Traditional Rental Income: $2005 Airbnb ROI: 2% Traditional ROI: 3.22%
4341 Orchard Beach Road Cheboygan, MI Welcome to your private retreat on the Black River, part of Michigan's breathtaking Inland...	3 beds \| 3 baths \| 2,800 sq.ft.	$999,900	Airbnb cash on cash: -0.16% Traditional cash on cash: 2.14% Airbnb Rental Income: $1890 Traditional Rental Income: $3519 Airbnb ROI: -0.16% Traditional ROI: 2.14%
12039 MACKINAW STRAITS DRIVE Cheboygan, MI Perched on a bluff overlooking the Straits of Mackinac, this spacious 3-bedroom, 2.5-bath ...	3 beds \| 3 baths \| 2,435 sq.ft.	$575,000	Airbnb cash on cash: 1.01% Traditional cash on cash: 4.27% Airbnb Rental Income: $1890 Traditional Rental Income: $3138 Airbnb ROI: 1.01% Traditional ROI: 4.27%
615 Duncan Avenue Cheboygan, MI Nestled within city limits yet offering a peaceful, country-like atmosphere, this delightf...	3 beds \| 1 baths \| 1,386 sq.ft.	$174,900	Airbnb cash on cash: 5.25% Traditional cash on cash: 7.59% Airbnb Rental Income: $1890 Traditional Rental Income: $1775 Airbnb ROI: 5.25% Traditional ROI: 7.59%
1058 Marlas Way Cheboygan, MI PRIVACTY, CLOSE TO TOWN, LAKES AND RIVERS. A private road leads to this comfortable retrea...	3 beds \| 3 baths \| 4,100 sq.ft.	$519,900	Airbnb cash on cash: 1.18% Traditional cash on cash: 4.2% Airbnb Rental Income: $1890 Traditional Rental Income: $2854 Airbnb ROI: 1.18% Traditional ROI: 4.2%
9615 HIGHBANKS DRIVE Cheboygan, MI Stunning Lake Huron home with 100 feet of sandy frontage and captivating views! This spaci...	3 beds \| 3 baths \| 2,158 sq.ft.	$612,500	Airbnb cash on cash: 0.82% Traditional cash on cash: 3.71% Airbnb Rental Income: $1890 Traditional Rental Income: $3043 Airbnb ROI: 0.82% Traditional ROI: 3.71%
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: 0.32% Traditional cash on cash: 3.86% Airbnb Rental Income: $1890 Traditional Rental Income: $3372 Airbnb ROI: 0.32% 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: 0.63% Traditional cash on cash: 1.22% Airbnb Rental Income: $1999 Traditional Rental Income: $1875 Airbnb ROI: 0.63% Traditional ROI: 1.22%
7811 MCDONALD ROAD Cheboygan, MI This charming lakefront cottage offers 200 feet of private shoreline and a peaceful 400' d...	2 beds \| 1 baths \| 720 sq.ft.	$868,000	Airbnb cash on cash: 0.21% Traditional cash on cash: 0.14% Airbnb Rental Income: $1999 Traditional Rental Income: $1416 Airbnb ROI: 0.21% Traditional ROI: 0.14%
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: 1.11% Traditional cash on cash: 3.28% Airbnb Rental Income: $2255 Traditional Rental Income: $2883 Airbnb ROI: 1.11% 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.	$349,900	Airbnb cash on cash: 2.8% Traditional cash on cash: 7.12% Airbnb Rental Income: $1890 Traditional Rental Income: $2808 Airbnb ROI: 2.8% Traditional ROI: 7.12%
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: 0.52% Traditional cash on cash: 4.72% Airbnb Rental Income: $2255 Traditional Rental Income: $3883 Airbnb ROI: 0.52% Traditional ROI: 4.72%
11476 Butler Road Road Cheboygan, MI Country Comfort Meets Workshop Dreams! Gorgeous 3-bedroom, 2-bath home on 3.4 acres with p...	3 beds \| 2 baths \| 1,800 sq.ft.	$365,000	Airbnb cash on cash: 2.54% Traditional cash on cash: 6.16% Airbnb Rental Income: $1890 Traditional Rental Income: $2628 Airbnb ROI: 2.54% Traditional ROI: 6.16%
6167 N Straits Cheboygan, MI Price Improvement â Now \$10,000 Less! Enjoy lake living without lake taxes in this ...	4 beds \| 3 baths \| 2,657 sq.ft.	$370,000	Airbnb cash on cash: 2.97% Traditional cash on cash: 7.65% Airbnb Rental Income: $2255 Traditional Rental Income: $3315 Airbnb ROI: 2.97% Traditional ROI: 7.65%
5278 REYNOLDS Cheboygan, MI This beautifully remodeled 2023 home offers the perfect Northern Michigan getawayor year-r...	2 beds \| 2 baths \| 1,008 sq.ft.	$219,000	Airbnb cash on cash: 5.1% Traditional cash on cash: 7.01% Airbnb Rental Income: $1999 Traditional Rental Income: $1872 Airbnb ROI: 5.1% Traditional ROI: 7.01%
300 Cass Street Cheboygan, MI In town 2 story home located on a corner lot with two driveways. Just a couple of blocks f...	2 beds \| 1 baths \| 1,080 sq.ft.	$145,000	Airbnb cash on cash: 8.63% Traditional cash on cash: 8.8% Airbnb Rental Income: $1999 Traditional Rental Income: $1500 Airbnb ROI: 8.63% Traditional ROI: 8.8%
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: 2.76% Traditional cash on cash: 4.53% Airbnb Rental Income: $2255 Traditional Rental Income: $2402 Airbnb ROI: 2.76% 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: 0.79% Traditional cash on cash: 1.99% Airbnb Rental Income: $1890 Traditional Rental Income: $2224 Airbnb ROI: 0.79% Traditional ROI: 1.99%

Real Estate investment in Cheboygan, MI

There are 57 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 $166. In September 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 57 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: 4.38%

Traditional cash on cash: 6.89%

Airbnb Rental Income: $1890

Traditional Rental Income: $1954

Airbnb ROI: 4.38%

Traditional ROI: 6.89%

1357 Sharon Lane

Cheboygan, MI

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

$219,999

Airbnb cash on cash: 3.69%

Traditional cash on cash: 6.9%

Airbnb Rental Income: $1890

Traditional Rental Income: $2054

Airbnb ROI: 3.69%

Traditional ROI: 6.9%

16294 MORNINGSIDE LANE

Cheboygan, MI

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

$379,000

Airbnb cash on cash: 2.48%

Traditional cash on cash: 4.49%

Airbnb Rental Income: $1999

Traditional Rental Income: $2191

Airbnb ROI: 2.48%

Traditional ROI: 4.49%

1618 Center Street

Cheboygan, MI

4 beds | 2 baths | 2,604 sq.ft.

$359,500

Airbnb cash on cash: 2.21%

Traditional cash on cash: 5.25%

Airbnb Rental Income: $2255

Traditional Rental Income: $2715

Airbnb ROI: 2.21%

Traditional ROI: 5.25%

10901 N Black River Road

Cheboygan, MI

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

$799,000

Airbnb cash on cash: -0.79%

Traditional cash on cash: 1.76%

Airbnb Rental Income: $1890

Traditional Rental Income: $3283

Airbnb ROI: -0.79%

Traditional ROI: 1.76%

250 M-33 Highway

Cheboygan, MI

2 beds | 1 baths | 1,040 sq.ft.

$169,900

Airbnb cash on cash: 6.03%

Traditional cash on cash: 6.82%

Airbnb Rental Income: $1999

Traditional Rental Income: $1604

Airbnb ROI: 6.03%

Traditional ROI: 6.82%

5560 Chestnut Drive

Cheboygan, MI

4 beds | 5 baths | 4,460 sq.ft.

$839,000

Airbnb cash on cash: 0.49%

Traditional cash on cash: 3.24%

Airbnb Rental Income: $2255

Traditional Rental Income: $3837

Airbnb ROI: 0.49%

Traditional ROI: 3.24%

1803 N M 33 HWY

Cheboygan, MI

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

$177,000

Airbnb cash on cash: 5.16%

Traditional cash on cash: 9.67%

Airbnb Rental Income: $1890

Traditional Rental Income: $2146

Airbnb ROI: 5.16%