Planning assumptions about higher rates in the future

[Chris Gordon]

I'm looking at a five unit that cashflows well given a 5% 20-year, 20% down commercial loan.

I have no personal experience with commercial loans. I'm aware that most become adjustable after a period of time. Given that fact I have to plan on rates being higher in the future and my cashflow margin then decreasing. I'm guessing refi wouldn't make sense because I'd just be able to refi into another, higher rate loan. So in a higher rate scenario I'd be stuck with dwindling cash flow or worse, be losing money

Any opinion on the validity of my assumptions here? What am I not considering here?