They spammed CL every day with hundreds of ads that turned up no matter how you searched.

. :)Not sure were this cash flow is gold and appreciation is gambling ever came from...

That doesn't seem like a good investment to me, it becomes very much a gamble on appreciation. 

Is it a gamble?

Why would the 500 people on your list be motivated to inquire with you about their property value when there are a number of websites that will do that for them without the threat of being bombarded with spam (not that you would/will spam them, but think of it from their perspective)? 

This has had some success with people who had been living in prime locations like Paris for 50 years.The gamble of course is that this 75 y/o still gets to his or her centennial.

This happened for almost the entire first week where the agent later told me that my emails mistakenly went into the spam folder.On many occasions, I have sent the agent listings that I’ve found myself which have potential (i.e. meet $100/month cash flow using 50% rule using achievable rents based on a Property Manager’s CMA) and wanted to get her opinion as to the property’s actual value and then possibly look at the property.

If you're going to buy foreclosures at an auction there's going to be some aspect of gambling involved.

From there, you can connect with people in your local market.Just remember, don't spam anyone.Hope this helps!

Other investors gambled, overpaid, negatively cash flowed, and got wiped out.