813 Pillsbury Ave · Albert Lea, MN 56007

$149,500

4 bd · 2.0 ba · 1,952 sqft · SingleFamily public records · 12 Days on market

Built 1948 6,098 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This charming 3-bedroom home offers comfortable main-level space and provides incredible potential for multi-generational living, guest accommodations, or an entertainment hub. Downstairs, you'll find a convenient kitchenette, perfect for hosting, meal prep or creating a semi-private living area. The lower level also includes a spacious bonus room with potential for a fourth bedroom as it already has an egress window, giving you room to grow or customize the space to fit your needs. Whether you are looking for added functionality, rental potential or simply more room to spread out, this home delivers flexibility, comfort and opportunity in every direction.

Key facts

• Rental potential
• Spacious bonus room
• Egress window

Tags

• MAIN-LEVEL SPACE
• CONVENIENT KITCHENETTE
• SPACIOUS BONUS ROOM
• FOURTH BEDROOM POTENTIAL
• EGRESS WINDOW
• RENTAL POTENTIAL

Property features AI

Exterior

• Parking: Driveway with other surface
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One-and-one-half story layout; Walkout basement; Block foundation
• Construction: Block foundation (basement); Below-grade finished area and partially finished basement
• Exterior features: Vinyl exterior; Lot approximately 0.14 acres (50 x 120)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Three bedrooms (one on the main floor; others on upper and lower levels); Bedroom sizes include 14x16 (upper), 11x12 (main), 10x14 (main), and 9x12 (lower)
• Bathrooms: One full bath on the main floor; One three-quarter bath in the basement
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Kitchen window; Washer/dryer hookup
• Laundry & utility: Laundry located in the basement; Washer and dryer listed among appliances

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 7.6% vs local median 4.0% in Albert Lea — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#274 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Albert Lea Public School District (town): math 30% / reading 40% proficiency, ranked #258 of 301 in MN (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hawthorne Elementary (math 27% / reading 37%, grade F, #670 of 857 statewide, top 79%, 424 students, 69% FRL); Southwest Middle (math 19% / reading 38%, grade F, #210 of 258 statewide, top 81%, 474 students, 62% FRL); Albert Lea Senior High (math 23% / reading 37%, grade F, #345 of 471 statewide, top 74%, 1,218 students, 53% FRL) — zoned schools average 61% FRL vs 40% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 150 active listings in the ZIP; 16 units permitted in Freeborn County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Freeborn County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,500

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-13,538
• Equity at exit: $22,291

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $2,049
• Equity at exit: $12,926

Cash invested: $41,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56007

• Home prices YoY: -22.3%
• Active inventory: 150
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,528 medium
• Mortgage (P&I): −$784
• Tax from tax record: −$194 /mo · $2,326/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $167

Break-even live

Break-even rent $1,317

Max offer price $149,500

Occupancy floor 84%

Sensitivity live

Price	-10% $252	-5% $210	+0% $167	+5% $125	+10% $83
Rent	-10% $47	-5% $107	+0% $167	+5% $228	+10% $288
Rate	-1.0pp $243	-0.5pp $205	base $167	+0.5pp $129	+1.0pp $89

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-03
   status $149,500 Pending 12 DOM
2. 2026-06-02
   days on market $149,500 Contingent - Inspection 12 DOM
3. 2026-06-01
   days on market $149,500 Contingent - Inspection 11 DOM
4. 2026-05-31
   days on market $149,500 Contingent - Inspection 10 DOM
5. 2026-05-30
   days on market $149,500 Contingent - Inspection 9 DOM
6. 2026-05-21
   listed $149,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,326 · $194/mo
• Projected year-2 tax: $2,326 · $194/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,342
• − Mortgage interest: −$8,374
• − Property taxes: −$2,326
• − Insurance: −$748
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$4,349
• Taxable loss: −$390
• Est. tax savings @ 24.0%: +$94
• After-tax cash flow: $2,102/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Albert Lea Public School District
• NCES district ID: 2702970
• Math proficiency: 30% ▼ -14.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $42,776
• Composite: 29.62/100
• National rank: #6472
• State rank: #258 of 301 in MN

Livability — Albert Lea

• Score: 72/100
• State rank: #274
• US rank: #5963

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D+ Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albert Lea, MN
• County: Freeborn County · 21,377 people
• City population: 21,377
• Metro: Albert Lea, MN
• Population (ZIP): 21,377
• Household income: $68,846
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 483.0

Population outlook (Freeborn County) Hauer SSP2

• Today (2025): 29,680 people
• By 2030: 29,038 · -2.2%
• By 2040: 27,650 · -6.8%
• By 2050: 26,387 · -11.1%
• By 2075: 25,224 · -15.0%
• By 2100: 23,842 · -19.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 8% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 23% Iranian 3% Romanian 2%
• Foreign-born: 4% · Canada, Philippines
• Languages at home: 90% English-only · Spanish 7% Other Asian/Pacific 3%

Political lean MEDSL · Freeborn

• 2024 margin: Strong R (+21.3) · D 38.7% · R 60.0% · Other 1.3%
• 2008→2024 swing: -38.5pp toward R · 2008: 17.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+16.0 2016: R+17.4 2012: D+14.2 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.40%
• Current HPI: 220.7963
• Rent YoY: —
• Metro: Albert Lea, MN
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

1 event — show timeline

• 2026-05-21 Listed $149,500 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2025): $2,326 · -5.1% YoY. Source: county tax records.