At least it was for me back in 2007 and the market wasn't nearly as competitive as it is now.

We've got about 8 homes on the market, priced at or better than competition and they are still not moving. 

Seems wickedly competitive but worthwhile for a few aspects.

It's ultra-competitive here to the point I'm considering looking for buy-and-holds out of state.

If you're looking at the numbers, response rates are roughly 1.5% but it varies based on so many factors so it doesn't mean anything until you test it yourself: list quality, content of your marketing, follow-through on mailings, competition in area, which day it lands at, many factors.So if you're going to start, make sure you have a sustained campaign for at least 7 mailings.

You have the smarts and the empathy... if you can channel that into authentic copy, it'll be a competitive advantage.

Especially in today's competitive market where new people are entering and leaving all of the time.I would agree with @David Michael that getting your real estate license is a good idea.

They will essentially be forced to choose between remaining competitive and remaining viable.And none of this is to say that its "a patriot's duty" or any such thing to invest in single family homes. 

But in Los Angeles theres strong competition and if Im going to do this I need to be perfect spot on.I have tons of "other" agents letters and post cards , so I know very well what my competition is doing,

In the market I'm in (Denver Metro) there is so much competition that you have to not only show your value but sometimes beat out competition which can be extremely difficult when other investors are always willing to offer another thousand on top of your last offer.