I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. 

In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

I'd wait this one out until rates lower and you can refi and learn from it to buy better the next time around. 

Lower Repair CostsHiring licensed contractors for minor fixes can be costly.

You will need a local attorney to close on a house.  

Months later, Tenant is now claiming close to 10K.

In general, the higher valuation properties with views or close proximity to water have higher rates of returns.

HELOC: A cash-out refinance could be more beneficial if you're looking for a lump sum to purchase the new property outright, particularly because interest rates may be lower than a HELOC.

The land itself ran us about 3600/ acre, (480,000) and approximately another 20,000 in closing costs.

Unfortunately, my units do not have any amenities besides being close to downtown.