Can I still BRRR w/ low interest rates, high housing cost & FHA?

[Jill Jay]

Hello BP community, thank you in advance for the advice :)

I'm concerned about my "master plan" for real-estate investing. In Connecticut I plan to purchase multi-families & steadily BRRR my way to eventual financial freedom. My 300k FHA financed offer with 10% down was accepted today on a 3 family which I'll be occupying, this will be my 1st time purchasing. Last year this house was worth 167k & today it was listed at 289k.

Interest rates are at a record low & house prices are a record high in CT. Housing prices will drop eventually & homes purchased for double their value will depreciate.

Am I putting the carriage before the horse purchasing this property? Is it even possible to BRRR if this home value plummets & the interest rates rise. I don't want to pursue this despite it being cash flow positive if it will screw me up in the future.

Details on the house: 

Built in 1900 but in fantastic shape. New roof, updated electric, thermopane windows, extra insulation in all units. Off street parking with an additional 2 car garage & separate access to basement with 4 storage units (will rent out all separately or to tenants). Dirt basement with stone foundation.