You need a proof of funds or a pre-approval to go with any offer so if it's hard money, they will issue a letter.

This group (I will call it tier 1) have received letters from my attorney and communications have begun.

We can fold 500 letters in about 10 minutes. 

I left numerous contact me letters to speak to the owner to discuss options and potentially cash for keys.

I also liked the fact that it was structurally sound with concrete block construction, a tile roof, and high elevation.

It is delinquent enough (Greater than 90 days but below 120 days(can't file first legal until after the 120th day by federal rule (Except under very very specific circumstances)) to where the lender or servicer has sent the breach letter (Notice of pending foreclosure) with an expiration date that the loan will be referred to a foreclosure filing (Trustee/attorney) if the borrower(s) don't cure the breach within that defined period of time.* A notice of default is not a letter sent by a creditor saying they are late.

You ignore the DNC at your peril, once I got 2 demand letters in the same month I paid them and decided to take it seriously.

In PA, and this property is 3 blocks from N.Broad Street

Area, tenant use, tenant credit (i.e. only Moody's BBB or better guarantor credit).There are a lot that can vary in NNN, just like any other real estate.You have market risks: FL has another hurricane coming, CA has earthquakes and wild fires, the midwest has anemic population growth.You have some location risk: is building on hard corner with signalized access or buried mid-block with no turn lane?  

A more granular approach, in which you segment by city block or zip code, is likely going to be more helpful.I’ll use Birmingham, AL as an example since I’m most familiar with the market.