The city also seems to have many improvement plans in place to make the area more walkable and safer for citizens to freely navigate the downtown area and support local business.

I wish them the best of luck, but I'll bet the execution of that business plans goes sideways and in then end the proforma gets trashed. 

I'm on the same page as you and feel as there are far better/safer ways to pay off your house and the HELOC should be used for both acquiring real estate and a checking account to fully leverage your monthly balance paying off the debt as fast as possible and repeating.

Based on the numbers, I am willing to bet this is located in 38126, 38106 or 38112.

Philly is your best bet. 

Both approaches can be effective, but they come with different sets of considerations.Turnkey properties are often a safer choice, especially for those just starting out.

While BP has a rent estimator as does rentometer.com (both allow a few free uses, I believe), I agree with @Zachary Deal that your best bet is to seek out guidance from either the listing agent or a property manager well-versed with the area. 

So Real estate is the best bet? 

Bet you know who that is don't ya Carlos? 

Extending lease might be best bet.