Calculating Appreciation Rate

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I am looking for a little help on Calculating appreciation rate on a property I purchased. If the Current value is 75k and the original price was 17k, my appreciation would be 58k. Now, if I divide that by the original price to get the rate, I come up with 3.4%. Am I doing this correctly? Please comment.

100x[(Current Value-purchase price) /(Purchase Price)] / years of ownership

That would give you average appreciation per year. So if you bought something for $100k and it's worth $200k after 5 years, the average appreciation is: 100x(200,000-100,000)/100,000/5= 20%/year

EDIT: To answer your question, that property appreciated 341% total. So your math was almost right, just need to multiply by 100 to get %. 

@Dustin Beam, thanks alot. I was very confused. So a follow up question just so I'm clear. Is capital improvements always factored into the appreciation? In other words, in my example I purchased a foreclosure so the hike in appreciation is due to me investing nearly 45k in improvements. So how would I expect the property to roughly appreciate by 65% every year?

You should add whatever capital improvements you made to the purchase price and use the same equation as before. 

If you can figure out a way to get a property to appreciate 65% every year, please let me in on the secret! :)