Is there an offer low enough to be not worth offering?

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After a couple direct mail calls, I have gotten some frustrated sellers. The responses range from "Your offer is unethical" to "We are absolutely not in the same ball park" and the typical "NO". The offer is always based off of my criteria, which comes directly from a spreadsheet. I figure that most of my leads will be losers. My philosophy is that if I spent the time and capital marketing, I should at least throw out an offer. Is this sound judgement? Or are there situations where it is just not appropriate to make an offer?

I remember the first home I bought, I wanted to throw out something really low and my realtor suggested that I make an offer that could conceivably be considered or at least countered - not to insult the seller who might decide that they wouldn't deal with me even if I came back with something higher.

On the other hand - if it is a property you don't really care about, might as well lob something out there.