I've found it trickier to install, easier to damage tapping into place.As for durability, the oldest laminate I've installed was in my son's room.

MDF is more durable and easier to miter/caulk/paint. 

In Illinois, I would think oak would be more common and inexpensive.I would like to do the hardwood because of the absolute durability if you have no flooding. 

as there are some issues due to water wetting the floorsRepairing wood floor cost seems almost comparable to installing new vinyl tiles however I will have to forego substantial existing subfloor and I am also not sure about roi with vinyl flooring (not sure if home value appreciates or depreciates).repairing wood floor also doesn't seem like a good idea as its not as durable and water resistant as vinyl I am confused please adviceThanks

Oak is a good solid wood and I would go pre-finished over unfinished the finishes are much higher quality, harder, more durable and in terms of costs you'll spend less over paying someone to sand a finish an unfinished floor.

You are not renovating it for you to live in, but want it to be good, with durable finishes for the tenants.

I do buy higher quality carpet (think durable and best wear-resistant and not pretty and fluffy) that looks decent and stands up to abuse.

@Jon Gorham Student housing can be a great investment just make sure that you use really durable materials (high traffic carpets, stain resistant paint etc) to help the house stand up to the potential beating it will take from the tenants and remove things that break easily or increase your liability (IE ceiling fans).

My concerns are around quality, durability and resale value.

I would go with a tile back splash, I just think it will look a lot better and doesn't cost much.The budget redo:Tile backsplashVinyl tile for flooring - I would be most likely to upgrade this to tile(more durable)Kit for countertop - I think it works for a few years, then replace with something durable