Model a property investment over a holding period.
Illustrative only. It does not forecast property prices and is not investment advice.
The appreciation rate is an assumption you supply, not a forecast. Change it and the answer changes completely — which is the point of running the model at several rates rather than one.
Acquisition costs are sunk on day one and are why a short holding period rarely works: the property has to appreciate past those costs before you are level.
The model ignores tax on capital gains and rental income. Both matter, and both depend on your circumstances.