Your list should show that if it has owner info.I would mail monthly and track the results in detail including best day to mail, type of piece that gets results, owner occupancy, area and type of property that gets best results etc The more you test and track the more patterns you can uncover.

Do not renegotiate on minor details... but always assess the deal as new information is uncovered.

You could buy a few of there units first, and use that cash to save up for newer, nicer houses and get a blend in your portfolio.

What happens when you uncover a truly motivated seller who simply doesn't have enough equity to make the numbers on a flip work?  

Then in the leases they have 3% annual rent bumps which over time makes the blended cap rate much higher and even with the increases you are way below market so the tenants tend to keep staying.

I'm assuming that pre-foreclosures are in the same boat as well.Actually, pre-foreclosures are in more dangerous waters, a short sale the bank just won't go there, screwing around with a foreclosure takes on a blend of federal compliance and consumer issues, cause a delay and you can get nailed.

I do believe that if you stick to your requirements and  expand your prospect pool you will uncover a great deal.  

Kind Regards,Justin PetersReal Estate ProfessionalDallas/Fort Worth Take more action and the rest will uncover itself. 10X the amount of effort. 

Just started uncovering the real estate world about 2 months ago and love what I am seeing on Bigger Pockets!  

So i devoted the next 3 months to reading, and uncovering knowledge as if my life depended on it, and it sort of did.