Heroes and Merchants offers more than 400 different pieces of items which you can craft and equip on your heroes. Depending on its quality items can have up to 4 random properties.
Especially now with the reset tickets you have the possibility to re-roll those properties and leave damage/armor values as they are.
Here a list of all possible item properties:
Damage +[1-3]%
Damage in warm regions +[2-5]%
Damage in cold regions +[2-5]%
Damage in Sarahdun +[3-7]%
Damage in Barradon +[3-7]%
Damage in Ysuria +[3-7]%
Damage in Korrn +[3-7]%
Damage in Denaris +[3-7]%
Damage vs Melee +[2-5]%
Damage vs Ranged +[2-5]%
Damage vs Magic +[2-5]%
Armor +[1-3]%
Armor in warm regions +[2-5]%
Armor in cold regions +[2-5]%
Armor in Sarahdun +[3-7]%
Armor in Barradon +[3-7]%
Armor in Ysuria +[3-7]%
Armor in Korrn +[3-7]%
Armor in Denaris +[3-7]%
Armor vs Melee +[2-5]%
Armor vs Ranged +[2-5]%
Armor vs Magic +[2-5]%
Initiative +[1-3]%