What is a bird dog list of 212 addresses actually worth to an investor with capital

Take a bird dog list built from driving the same four neighborhoods for months, mostly older ranch stock from the fifties. 212 addresses with photos, owner names pulled from the county assessor site for about 140 of them, and maybe 30 with something obviously wrong: tarps, a boarded window, grass to the knee. The useful question for anyone building a list like this before they have capital of their own: is the list worth anything to somebody who does have the money, and what should it be priced at. The honest answer is that raw driving data and a worked list are two different products. A photo and an address tell an investor almost nothing they cannot get from a windshield survey of their own. What has value is the conversation layer on top of it, whether an owner has actually indicated willingness to sell, at what rough price, and under what timeline. A list with owner contact and no conversation is worth a modest flat fee per address, often in the range of a finder's fee paid only on addresses that convert to a closed deal. A list where the lister has already had a conversation and confirmed motivation is worth considerably more, sometimes structured as a bird dog fee paid at closing rather than for the list itself. The practical move is usually to bring the raw list to an active buyer directly, ask what they would pay for addresses with confirmed seller interest versus addresses with none, and let that number set the going rate before quoting anyone else. Most investors would rather pay for a confirmed conversation than a spreadsheet.