Direct Mailing Campaign - Conversion Rate

[Bruny C.]

Hello BiggerPockets Family, 

I'm about to spend $650 for my first direct mailing campaign which has a total of 750 leads

I believe these are good leads and I'm targeting multi-family homes in  pre-foreclosures, vacants, trusts and bank owned.

My questions to all  the experts out there:

Is $650 reasonable to send postcards for 750 leads?

What's the usual conversion rate on direct mailing marketing? 

Are 2 to 5 positive responses good expectation?

Please share you experience with direct mailing- 

Thank you,