21037 County Route 59

This property stands out as a purpose-built, modern lakefront home with strong guest appeal and high projected short-term rental (STR) returns. The underwriting projects a monthly cash flow of $4,172 and a 31.3% cash-on-cash return, assuming a 62% occupancy rate and $578 ADR, which are aggressive but plausible for a high-quality waterfront asset. The alignment between list price and AVM suggests pricing is market-consistent, reducing valuation risk. The primary caveat is that the investment’s success is highly sensitive to achieving the modeled occupancy and ADR, and STR regulations or seasonality should be confirmed during diligence.

Dexter, NY is a small lakeside community where waterfront properties are positioned for premium STR performance, particularly during peak seasons. The market for newer, high-quality lakefront homes is limited, supporting both rental and resale value, but also increasing exposure to seasonal and regulatory risks. The property’s modern build and amenities position it well against older inventory, but investor returns will depend on sustained guest demand and effective management.

The property’s direct lakefront setting and modern design are likely to appeal to vacationing families and groups seeking a premium waterfront experience. The area is characterized by a mix of year-round and seasonal residences, with guest demand likely peaking in summer months. While detailed neighborhood demand signals are limited, the combination of water access, privacy, and new construction supports moderate-to-high confidence in guest appeal for STR use.

At a list price of $799,900, the property is underwritten with a high-confidence AVM and a projected STR income of $10,900 per month, assuming a $578 ADR and 62% occupancy. Expenses are modeled at a 25% ratio, with no management fee assumed, and financing based on a 20% down payment at 6.4% interest. The resulting $4,172 monthly cash flow and 31.3% cash-on-cash return are attractive, but are contingent on achieving the modeled occupancy and ADR. Investors should focus diligence on validating these assumptions, local STR regulations, and the operational demands of a waterfront rental.

Asking sits within the modeled range.