First list pulled and I'm already stuck on what to do with it

I pulled my first list this week and I'm sitting on it instead of using it, which I suspect is the actual problem.

One county, single family, 3 bed or more. Filters I stacked: owner mailing address different from the property address, ownership longer than 12 years, estimated equity over 50 percent. That gave me 1,880 records. The platform quoted skip tracing at about 12 cents a record, so tracing all of it is roughly $225, and mail is somewhere around 55 to 70 cents a piece per touch depending on whether I go postcard or letter. Five touches on all 1,880 is more than I want to spend before I know anything.

What I can't decide is whether to narrow harder or mail wide and thin. I could cut to the oldest tenure, say 20 years plus, and get down to maybe 400 records, then hit those five or six times and also call them. Or mail all 1,880 once and see who bites.

What I have: about $1,500 I'm willing to burn on this, a spreadsheet, and evenings. What I don't have is any sense of what a normal response rate looks like, so I can't tell whether 400 records is enough to produce a single conversation.

The decision in front of me is narrow to 400 and go deep, or mail the whole thing once. I keep flipping between them.