Computers can analyze property based on subjective data (square footage, # of beds/baths, etc.) but cannot calculate for objective data (quality of kitchen cabinets/counters, size of bedrooms and bathrooms, view out the living room window, etc.).You should study the market yourself.

i.e. paint, flooring, cabinets, tile, etc.  

In that story the bank president looks through a file cabinet to find the file.

Most investors think just because they ordered cabinets, flooring, vanities, and drywall that's all we need as contractors to get "your" job done.

Wood Floors not sealed, tile not properly installed and grouted, cheap flat paint that the tenants can't wipe finger prints or food splashes off, countertops not caulked so water gets behind causing water damages, the cabinets were painted over not replaced the list goes on and on.

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Ideally, you know every cabinet placement, tile selection, etc when you meet the contractor for bids.  

But it's a 3/2 and I think I could rent it for $1000-1200, has a lot of NEW things already in it (AC/heating, kitchen cabinets, appliances, flooring) but bedrooms need to be finished remodeling. 

A really nice home with some extra touches (a little granite, better flooring, nicer paint job, nicer cabinets, etc.) compared to the area will make potential tenants fall in love with the place.  2) Tenants that bring or can swing their own appliances are more financially stable (or just stable in general, ha!)

You still have flooring, cabinets, bathrooms, plumbing, insulation, paint, etc, so all that cost remains the same it would seem.