If you're on the hunt for income in today's market, you're not alone. With rate cuts expected to continue later this year, investors are once again turning to dividend-paying shares to generate reliable returns.

The good news is that there are still many top ASX dividend shares out there offering attractive dividend yields and the potential for capital growth.

In fact, analysts have recently identified two ASX dividend shares that not only offer fully franked yields of at least 5%, but also come with buy ratings and significant upside potential.

Let's take a closer look at these cheap income stars. They are as follows:

Cedar Woods Properties Ltd (ASX: CWP)

The first ASX dividend share that could be a cheap buy is Cedar Woods. It is a leading, national developer of residential communities and commercial developments.

Bell Potter is positive on the company. This is due to its belief that Cedar Woods is well-placed for double-digit earnings growth over the coming years. The broker explains:

CWP has guided for both revenue and margin growth in FY26. Industry cost escalation is moderating, and labour availability is improving. The forward development pipeline is more diversified than ever, and the company continues to restock ahead of the cycle, positing itself well for sustained growth (BPe +11% 3yr EPS CAGR).

Its analysts also highlight that they "continue to push CWP as a key pick in the sector, screening very attractively on numerous metrics at current levels."

As for income, the broker is forecasting dividends per share of 27 cents in FY 2025 and then 31 cents in FY 2026. Based on its current share price of $5.18, this equates to dividend yields of 5.2% and 6%, respectively.

Bell Potter has a buy rating and $7.20 price target on its shares.

Elders Ltd (ASX: ELD)

Another ASX dividend share that analysts at Bell Potter are bullish on is agribusiness company Elders.

It is a leading supplier of agricultural products to rural and regional Australia, with strong agency positions in livestock, wool, and real estate.

Bell Potter thinks now is the time to buy given its belief that trading conditions have improved significantly since this time last year. This bodes well for its performance in FY 2025. It said:

We would expect many of the issues that plagued 1Q24 have largely unwound in 1Q25 and as such would anticipate a more normal phasing in earnings in FY25e. We remain of the view that the Delta-Elders overlap is limited and manageable (we note the ACCC's final Supermarkets review is also overdue) and would see this a catalyst for momentum to return.

In respect to dividends, Bell Potter is forecasting a partially franked 36 cents per share dividend in FY 2025 and then a fully franked 43 cents per share dividend in FY 2026. Based on its current share price of $6.91, this equates to dividend yields of 5.2% and 6.2%, respectively.

As well as good yields, the broker sees major upside for Elders' shares. It has a buy rating and $9.40 price target on them.