We use EDDM, about 20k pieces a month. Like every marketing scenario, the piece really matters. We have had acceptable results. It is something that you have to commit to, as it is not mail and your phone rings off the hook. It builds brand awareness and with any luck, lands in a homeowners mailbox the day they decide to sell.
It costs 14.5 cents to mail each piece, but requires YOU to do a decent amount of work. It takes one full day, one full time person to sort, label and deliver to the post office(s).
Also, read the requirements closely. If they don't meet the size/weight requirements, they wont be EDDM.