VaultSTROur take
Most market rankings are built on gross revenue projections — the number before cleaning, management, utilities, insurance, capex, and the mortgage. That ranking flatters expensive markets and hides the ones that quietly pay. So we built the list the other way: the VaultSTR desk underwrites live, listed properties every day with one fixed model, and this page ranks every market where we've underwritten at least three current deals by median cash-on-cash return.
As of September 26, 2026, that's 274 live deals across dozens of markets, 17 of which clear the three-deal bar. The spread is the story: from 11.8% in Lake Lure to −7.3% in Center Hill Lake — same model, same assumptions, wildly different outcomes.
How this ranking works
Every deal on VaultSTR runs the same baseline: 20% down at current DSCR terms, comp-based revenue (haircut applied), line-item operating costs, and a capex reserve. No market gets a custom thumb on the scale. Markets need three or more current underwritten deals to appear; medians beat averages because one trophy listing shouldn't crown a market. Small samples move fast — treat this as a screen, not an appraisal, and expect the table to shift as the desk underwrites new inventory daily. This is research, not financial advice.
Writers and analysts: you're welcome to cite this data with attribution and a link to this page.
The ranking: 17 markets by median cash-on-cash
Medians across current, live-listed deals — snapshot September 26, 2026.
| # | Market | Median cash-on-cash | Median price | Median revenue | Deals analyzed |
|---|---|---|---|---|---|
| 1 | Lake Lure, NC | 11.8% | $595K | $82K | 3 |
| 2 | Oregon Coast, OR | 10.5% | $595K | $91K | 3 |
| 3 | Poconos, PA | 8.0% | $425K | $64K | 7 |
| 4 | Lake Travis, TX | 6.8% | $575K | $73K | 3 |
| 5 | Joshua Tree, CA | 5.7% | $435K | $70K | 9 |
| 6 | Blue Ridge, GA | 5.3% | $462K | $66K | 8 |
| 7 | Big Bear, CA | 4.2% | $609K | $79K | 4 |
| 8 | Cape Coral, FL | 3.6% | $440K | $67K | 3 |
| 9 | Lake Arrowhead, CA | 3.3% | $549K | $69K | 4 |
| 10 | St. Petersburg, FL | 3.0% | $535K | $64K | 3 |
| 11 | Outer Banks, NC | 2.8% | $625K | $78K | 3 |
| 12 | South Lake Tahoe, CA | 0.4% | $658K | $81K | 4 |
| 13 | Phoenix, AZ | 0.1% | $566K | $61K | 7 |
| 14 | Fort Lauderdale, FL | −1.9% | $599K | $58K | 3 |
| 15 | Hudson Valley, NY | −4.1% | $897K | $93K | 4 |
| 16 | Tempe, AZ | −5.3% | $600K | $54K | 3 |
| 17 | Center Hill Lake, TN | −7.3% | $565K | $62K | 3 |
The cash-flow leaders
Lake Lure, NC tops the table at a 11.8% median — Hickory Nut Gorge scenery, drivable from three metros, and entry prices that haven't caught up to demand. Top current deal: Lure Me Away Cottage (11.80% cash-on-cash).
Oregon Coast, OR (10.5% median) pairs year-round storm-watching demand with towns that license STRs predictably — our top deal there is Licensed A-Frame (proven) (17.20% cash-on-cash).
Poconos, PA is the volume story: 7 current deals, 8.0% median, $425K median entry — the rare market that's both cheap enough to enter and close enough to New York and Philadelphia to stay booked. Top deal: STR-Friendly Poconos 4BR (29.10% cash-on-cash).
The solid middle
Lake Travis, TX (6.8%) and Blue Ridge, GA (5.3% across 8 deals) are dependable four-to-seven-percent country — real yield, established demand, professional cleaner networks. Joshua Tree, CA (5.7% median across 9 deals, our deepest sample) still rewards distinctive properties — the design-forward listings clear double digits while ordinary ones tread water, which is exactly what our review-magnet furnishing research predicts. Big Bear, CA and Cape Coral, FL round out the tier — modest medians, steady demand.
The appreciation bets (and the honest negatives)
The bottom of the table is where this methodology earns its keep. South Lake Tahoe, CA (0.4%) and Phoenix, AZ (0.1%) barely break even at baseline financing — they're appreciation and personal-use theses now, not income plays. Hudson Valley, NY (−4.1%), Tempe, AZ (−5.3%), and Center Hill Lake, TN (−7.3%) show negative medians: at 20% down, the typical current listing there loses money every month. A buyer can still win in these markets — with more down, a below-market purchase, or a genuinely differentiated property — but the listing-price math says what it says, and no gross-revenue ranking will tell you that.
What this data can’t tell you
Three limits, stated plainly. Samples are small — three to nine deals per market is a screen, not a census; medians will move. Regulations aren't priced in — a great median means little two zoning votes from a ban; check the state and city regulation guides for every market on this list. Your financing isn't our baseline — change the down payment or rate and the ranking reshuffles, which is why every deal links to the pro forma builder to run your numbers, and the revenue calculator works for any address, in these markets or not.
What to tell your client
Lead with the spread, not the list: the same property price produces 11.8% in one market and −7.3% in another, so market selection is the highest-leverage decision your client makes — before the property, before the furnishing, before the pricing tool. Then show them the specific deals: every market above links to live, underwritten listings in the Deal Vault. A client who watches you compare markets on net numbers instead of gross hype has just learned why they need you.
Bottom line
17 markets, one model, medians over hype: Lake Lure, the Oregon Coast, and the Poconos lead on actual cash flow; Tahoe, Phoenix, and the Hudson Valley demand an appreciation thesis; and 4 markets on this list lose money at baseline — which you'd never learn from a revenue-ranked listicle. The table updates as the desk underwrites; the discipline doesn't.