My property is in a depressed area walking distance to the largest employer in the area which is a shipyard. 

The problem is it's a very economically depressed area.

It would be nice if you had a contact who was an actual mason not a marketer.  1930's construction is rare so maybe they cut some corners it was a global depression.  

When funding is rare and flips are plentiful, there will be enough opportunities for everyone but return will be depressed and better operators will make better returns. 

Major economic downturns, such as the Great Depression and the 2008 Financial Crisis, occurred under both parties and were driven by factors unrelated to the party in office.The following table shows the DJIA's performance during each presidential administration.

I would use the HELOC to purchase a depressed property and then rehab it.

You won't be ready to take action if you are depressed, sad, or compromised in some way.

Well that's all depressing to read!

I want what’s doing best, as the S&P since the Depression has returned on average 10.6% (it fluctuates by .1 or .2% periodically) if I buy a property I want it’s IRR to at least beat that.

In conclusion, while most of the USA began experiencing an economic and real estate boom from 2009 and onwards, following the 2008 crash...Waco remained an economically depressed city.