Cash or finance benefit of buy and hold

[Lane Smith]

First time poster so I apologize if this has been answered in another post.

I have the chance to buy a sfh for cash and would never sell the property. I do have the option to purchase with financing 20% down, 4.125% but closing costs would be 5200 so the interest rate might be higher due to a cap on financing fees that would not be calculated until the process was started with the appraisal, hard credit check etc....

If purchasing with financing the property would be cash flow positive @700 per month in gross rent. 

It looks like the main benefit of leverage comes from the extra cash made upon appreciation after a sale . What am I missing?

Thank you in advance