(10k is less of a mark up than your average wholesaler makes nowadays). 

it sort of depends if your property is an A or C property  on an A you should almost always go with new stainless steel In a dilapidated apartment with low rents I might throw in a used $50 appliance and if it breaks just replace with another as repairing usually costs more tha fixing  Nowadays you can get a new stainless stove for $400-500 so you might as well.

Can someone please help me to understand how mortgages are calculated nowadays in Canada?

Note that most attorneys nowadays end up specializing beyond just a "real estate" attorney.

If you don't need the cash flow, and the property breaks even in the current market, then you're really just speculating, and if you have the money to speculate it may not matter one way or the other, much like it may not matter if you go to Vegas and blow a grand at the casino if you have the grand to blow. 

If you want it to stand out or compete with the best on the market, use the nicer stuff.Stainless steel appliances cost the same as white and black nowadays.

Saying that about Dodge takes a lot - they've come a ways since the casino was put in.Anyways I went on a tangent - but do your homework and check out the short term rental market - maybe buy a duplex and use the other half as a short term rental or a small apt complex if you can afford it near the university. 

@rudy d’escalarre I have a  file this month that is rent to purchase, they are kind of rare nowadays.

With that said, perhaps there are some BPers out there who have other ideas for what you are trying to achieve with a different type of loan product.Hancock-Whitney (or whatever they are calling themselves nowadays) will do an 80-90% LTV HELOC. 

Your metrics may be different.You'll open yourself up to a lot more leads if you do this because most investors are still targeting high equity, not realizing that equity really isn't that important nowadays.