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
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: 0.14% Traditional cash on cash: 3.68% Airbnb Rental Income: $1985 Traditional Rental Income: $3283 Airbnb ROI: 0.14% 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: -0.56% Traditional cash on cash: 2.06% Airbnb Rental Income: $2286 Traditional Rental Income: $3880 Airbnb ROI: -0.56% Traditional ROI: 2.06%
502 S Huron Street Cheboygan, MI Gorgeous, impeccably maintained Craftsman-style home within Cheboygan city limits! This be...	3 beds \| 2 baths \| 3,561 sq.ft.	$325,000	Airbnb cash on cash: 1.97% Traditional cash on cash: 5.09% Airbnb Rental Income: $1985 Traditional Rental Income: $2418 Airbnb ROI: 1.97% Traditional ROI: 5.09%
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.	$265,000	Airbnb cash on cash: 3.83% Traditional cash on cash: 7.83% Airbnb Rental Income: $1985 Traditional Rental Income: $2466 Airbnb ROI: 3.83% Traditional ROI: 7.83%
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.	$299,000	Airbnb cash on cash: 2.35% Traditional cash on cash: 3.82% Airbnb Rental Income: $1985 Traditional Rental Income: $1879 Airbnb ROI: 2.35% Traditional ROI: 3.82%
726 S HURON STREET Cheboygan, MI Excellent investment opportunity â a fully occupied 6-unit apartment complex ideally loc...	N/A beds \| N/A baths \| 7,500 sq.ft.	$499,000	Airbnb cash on cash: 2.84% Traditional cash on cash: 0.82% Airbnb Rental Income: $3346 Traditional Rental Income: $1654 Airbnb ROI: 2.84% Traditional ROI: 0.82%
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: 6.5% Traditional cash on cash: 11.84% Airbnb Rental Income: $2286 Traditional Rental Income: $2725 Airbnb ROI: 6.5% 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: 5.63% Traditional cash on cash: 9.67% Airbnb Rental Income: $1985 Traditional Rental Income: $2146 Airbnb ROI: 5.63% 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 \| 2 baths \| 2,472 sq.ft.	$650,000	Airbnb cash on cash: 0.15% Traditional cash on cash: 1.06% Airbnb Rental Income: $2286 Traditional Rental Income: $2270 Airbnb ROI: 0.15% 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: 9.35% Traditional cash on cash: 6.1% Airbnb Rental Income: $1985 Traditional Rental Income: $1089 Airbnb ROI: 9.35% Traditional ROI: 6.1%
760 W US 23 Highway Cheboygan, MI This quality-built custom home is a true gem. Featuring hardwood floors, tongue and groove...	3 beds \| 2 baths \| 2,168 sq.ft.	$299,900	Airbnb cash on cash: 3.12% Traditional cash on cash: 6.07% Airbnb Rental Income: $1985 Traditional Rental Income: $2297 Airbnb ROI: 3.12% Traditional ROI: 6.07%
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: 6.62% Traditional cash on cash: 8.4% Airbnb Rental Income: $2286 Traditional Rental Income: $2034 Airbnb ROI: 6.62% Traditional ROI: 8.4%
3313 Bennett Road Cheboygan, MI Tucked away in a peaceful neighborhood between Burt and Mullett Lake, this charming three-...	3 beds \| 2 baths \| 1,056 sq.ft.	$269,000	Airbnb cash on cash: 3.76% Traditional cash on cash: 6.13% Airbnb Rental Income: $1985 Traditional Rental Income: $2067 Airbnb ROI: 3.76% Traditional ROI: 6.13%
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: 2.27% Traditional cash on cash: 6.22% Airbnb Rental Income: $1985 Traditional Rental Income: $2819 Airbnb ROI: 2.27% Traditional ROI: 6.22%
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: 6.82% Traditional cash on cash: 9.4% Airbnb Rental Income: $1985 Traditional Rental Income: $1883 Airbnb ROI: 6.82% Traditional ROI: 9.4%
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.	$585,000	Airbnb cash on cash: 0.49% Traditional cash on cash: 3.98% Airbnb Rental Income: $1985 Traditional Rental Income: $3372 Airbnb ROI: 0.49% Traditional ROI: 3.98%
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: 1.16% Traditional cash on cash: 3.28% Airbnb Rental Income: $2286 Traditional Rental Income: $2883 Airbnb ROI: 1.16% 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: 3.7% Traditional cash on cash: 8.46% Airbnb Rental Income: $1985 Traditional Rental Income: $2808 Airbnb ROI: 3.7% 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: 0.57% Traditional cash on cash: 4.72% Airbnb Rental Income: $2286 Traditional Rental Income: $3883 Airbnb ROI: 0.57% Traditional ROI: 4.72%
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: -0.08% Traditional cash on cash: 1.09% Airbnb Rental Income: $2404 Traditional Rental Income: $2636 Airbnb ROI: -0.08% 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: 8.81% Traditional cash on cash: 10.57% Airbnb Rental Income: $2286 Traditional Rental Income: $1968 Airbnb ROI: 8.81% Traditional ROI: 10.57%
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: -2.02% Traditional cash on cash: -1.11% Airbnb Rental Income: $1985 Traditional Rental Income: $3927 Airbnb ROI: -2.02% 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: 3.78% Traditional cash on cash: 7.55% Airbnb Rental Income: $1985 Traditional Rental Income: $2513 Airbnb ROI: 3.78% 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: 1.88% Traditional cash on cash: 4.93% Airbnb Rental Income: $1985 Traditional Rental Income: $2737 Airbnb ROI: 1.88% Traditional ROI: 4.93%
10386 Inverness Trail Road Cheboygan, MI BEAUTIFUL WELL MAINTAINED 3 BEDROOM RANCH HOME FOR SALE ON 23 ACRES CLOSE TO TOWN. Featuri...	3 beds \| 2 baths \| 1,480 sq.ft.	$450,000	Airbnb cash on cash: 0.73% Traditional cash on cash: 2.82% Airbnb Rental Income: $1985 Traditional Rental Income: $2346 Airbnb ROI: 0.73% Traditional ROI: 2.82%
501 Obrien Drive Cheboygan, MI Charming 3BR/2BA home on quiet dead-end street in Cheboygan. Features include a large 2-ca...	3 beds \| 2 baths \| 1,248 sq.ft.	$210,000	Airbnb cash on cash: 4.5% Traditional cash on cash: 8% Airbnb Rental Income: $1985 Traditional Rental Income: $2163 Airbnb ROI: 4.5% Traditional ROI: 8%
9452 M-33 unit: 2 #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: 2.86% Traditional cash on cash: 2.97% Airbnb Rental Income: $1795 Traditional Rental Income: $1338 Airbnb ROI: 2.86% 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.	$229,000	Airbnb cash on cash: 4.54% Traditional cash on cash: 10.55% Airbnb Rental Income: $1985 Traditional Rental Income: $2767 Airbnb ROI: 4.54% Traditional ROI: 10.55%
7568 CHURCH ROAD Cheboygan, MI Dreaming of country life? This one-of-a-kind 3 bedroom home will surely catch your eye! Ne...	3 beds \| 2 baths \| 2,879 sq.ft.	$325,900	Airbnb cash on cash: 2.98% Traditional cash on cash: 7.2% Airbnb Rental Income: $1985 Traditional Rental Income: $2756 Airbnb ROI: 2.98% Traditional ROI: 7.2%
806 Division Street Cheboygan, MI Move right in and enjoy up north living at its best! This freshly redone four-bedroom home...	4 beds \| 1 baths \| 1,712 sq.ft.	$184,000	Airbnb cash on cash: 7.44% Traditional cash on cash: 9.22% Airbnb Rental Income: $2286 Traditional Rental Income: $2028 Airbnb ROI: 7.44% Traditional ROI: 9.22%
419 Obrien Drive Cheboygan, MI New roof and back deck on this cozy 3 bedroom 1.5 baths home with attached garage near all...	3 beds \| 2 baths \| 1,462 sq.ft.	$185,000	Airbnb cash on cash: 5.77% Traditional cash on cash: 10.98% Airbnb Rental Income: $1985 Traditional Rental Income: $2383 Airbnb ROI: 5.77% Traditional ROI: 10.98%
3899 Miami Beach Cheboygan, MI Discover the perfect Northern Michigan retreat-ideally located just minutes from Cheboygan...	3 beds \| 2 baths \| 1,680 sq.ft.	$218,000	Airbnb cash on cash: 4.89% Traditional cash on cash: 11.01% Airbnb Rental Income: $1985 Traditional Rental Income: $2730 Airbnb ROI: 4.89% Traditional ROI: 11.01%
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.	$189,900	Airbnb cash on cash: 7.74% Traditional cash on cash: 8.95% Airbnb Rental Income: $2404 Traditional Rental Income: $2033 Airbnb ROI: 7.74% Traditional ROI: 8.95%
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.	$218,000	Airbnb cash on cash: 4.89% Traditional cash on cash: 9.57% Airbnb Rental Income: $1985 Traditional Rental Income: $2433 Airbnb ROI: 4.89% Traditional ROI: 9.57%
15050 Harmony Cheboygan, MI A True Northern Michigan Craftsman Retreat â 15050 Harmony Lane, Cheboygan, MI Welcome ...	3 beds \| 4 baths \| 3,300 sq.ft.	$569,000	Airbnb cash on cash: 1.03% Traditional cash on cash: 4.69% Airbnb Rental Income: $1985 Traditional Rental Income: $3409 Airbnb ROI: 1.03% Traditional ROI: 4.69%
15050 Harmony Lane Cheboygan, MI Welcome to this stunning Craftsman-lodge style home, perfectly tucked away on 7.4 acres of...	3 beds \| 4 baths \| 3,300 sq.ft.	$569,000	Airbnb cash on cash: 1.03% Traditional cash on cash: 4.51% Airbnb Rental Income: $1985 Traditional Rental Income: $3316 Airbnb ROI: 1.03% Traditional ROI: 4.51%
1011 Donald Court Cheboygan, MI Enjoy peaceful views of the Cheboygan River from this three-bedroom, one-bath ranch situat...	3 beds \| 1 baths \| 2,496 sq.ft.	$249,900	Airbnb cash on cash: 4.29% Traditional cash on cash: 7.76% Airbnb Rental Income: $1985 Traditional Rental Income: $2284 Airbnb ROI: 4.29% Traditional ROI: 7.76%

Real Estate investment in Cheboygan, MI

There are 42 properties for sale in the city of Cheboygan . The median list price in Cheboygan is $269,000 and the average price per square foot is $121. In December 2025, the average monthly cash on cash return in Cheboygan is 7.00%. The average monthly rental income in Cheboygan is $2,383.

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

There are 42 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 $2,383.

Your search for investment property begins and ends here

Investment Property for Sale in Cheboygan, MI

10901 N Black River Road

Cheboygan, MI

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

$550,000

Airbnb cash on cash: 0.14%

Traditional cash on cash: 3.68%

Airbnb Rental Income: $1985

Traditional Rental Income: $3283

Airbnb ROI: 0.14%

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: -0.56%

Traditional cash on cash: 2.06%

Airbnb Rental Income: $2286

Traditional Rental Income: $3880

Airbnb ROI: -0.56%

Traditional ROI: 2.06%

502 S Huron Street

Cheboygan, MI

3 beds | 2 baths | 3,561 sq.ft.

$325,000

Airbnb cash on cash: 1.97%

Traditional cash on cash: 5.09%

Airbnb Rental Income: $1985

Traditional Rental Income: $2418

Airbnb ROI: 1.97%

Traditional ROI: 5.09%

657 Laperell Road

Cheboygan, MI

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

$265,000

Airbnb cash on cash: 3.83%

Traditional cash on cash: 7.83%

Airbnb Rental Income: $1985

Traditional Rental Income: $2466

Airbnb ROI: 3.83%

Traditional ROI: 7.83%

10280 US-23

Cheboygan, MI

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

$299,000

Airbnb cash on cash: 2.35%

Traditional cash on cash: 3.82%

Airbnb Rental Income: $1985

Traditional Rental Income: $1879

Airbnb ROI: 2.35%

Traditional ROI: 3.82%

726 S HURON STREET

Cheboygan, MI

N/A beds | N/A baths | 7,500 sq.ft.

$499,000

Airbnb cash on cash: 2.84%

Traditional cash on cash: 0.82%

Airbnb Rental Income: $3346

Traditional Rental Income: $1654

Airbnb ROI: 2.84%

Traditional ROI: 0.82%

509 W FIRST STREET

Cheboygan, MI

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

$199,000

Airbnb cash on cash: 6.5%

Traditional cash on cash: 11.84%

Airbnb Rental Income: $2286

Traditional Rental Income: $2725

Airbnb ROI: 6.5%

Traditional ROI: 11.84%

1803 N M 33 HWY

Cheboygan, MI

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

$177,000

Airbnb cash on cash: 5.63%

Traditional cash on cash: 9.67%

Airbnb Rental Income: $1985

Traditional Rental Income: $2146

Airbnb ROI: 5.63%