Marketing Thoughts: All Homeowners with Equity vs Absentee only

[Chris Bounds]

In a podcast a while back I heard @Michael Quarles say that he groups potential sellers into two categories: Owners with equity and owners without equity.

Can anyone share their thoughts/results marketing using direct mail with equity as a primary marketing parameter verses marketing to only Absentee owners?  

Currently I am marketing to only absentee owners with equity, but I realize I am leaving out a lot homeowners in my farm market that may be willing to sell at a discount.