Opinions wanted - Should I pay with cash?

[Bradley Thye]

Current situation - Getting a great deal on a small commercial property (approximately 3K sq ft warehouse) - getting it at an excellent price at $53K and expecting at least $1.4K per month rental income from it (variable being it could take up to six months to find a tenant.)

I have two options:

1. Get a loan, which means I would pay 25% out of pocket + $2.5 - 3K for the appraisal - $16K out of pocket (+ approximately $200 per month interest)

2. Pay the whole thing off with cash up front and eliminate appraisal fee altogether - $53K out of pocket 

Given it's such a low price, it sounds like a decent choice to go ahead and pay cash so I am not paying the appraisal fee or any monthly loan interest, does it not? Am I smoking crack?  If anyone thinks that is a bad approach, please share your thoughts.

Based off the info provided, which option would you choose?  New guy here, so please take it easy on me - not asking for legal or financial guidance, just seeking general input on what others would do given the above numbers

[Katie Neason]

What is the market value? Assuming it is significantly higher than what you are paying, I would pay cash, put a tenant in place and then refi it with a credit union or small bank and get 100% of your cash plus closing cost fees out of the deal. Basically the BRRR concept.