Or other areas like Jackson Heights, Woodside, etc?

If you are simply contracting a GC, then your value add is considerably less.Once the property goes into service, if you are going to be the PM - find, screen, place, & manage tenants -  then 10% of effective gross revenue would be fair on a single small property.  

It's never even a consideration.

Depending on how you organise your holdings, this can be reduced (with other tradeoffs).An LLC may not be viewed as you anticipate by the CRA - do your research and consult with an appropriately experienced cross-border accountant and/or attorney  The exchange rate (~25% at the moment) does need to be taken into consideration and, depending on you objectives, may or may not be a impediment.  

I told the bank that I felt I could no longer pay 155,000 and would think about 150,000 plus a consideration of money back for the closing cost.

Isn't past performance a consideration for these kinds of investments?

Howdy.Your analysis for a max offer of $45k doesn't take into consideration the cost to sell the property and potential holding costs which are different for everyone.

Still considerably less than it was listed for.

I appreciate any considerations you may have in correcting these errors and replacing the comps with properties that are more in line with the subject property. 

Also in terms of books and resources, there are a considerable amount of sites out there.