Every rate hike quietly resets the cash flow math on every property you own. Most investors don't rerun the numbers until the bank statement forces them to.
I do it monthly now. Rental income, minus the new repayment, minus everything else. Some months the buffer shrinks and nothing else changes. That's the whole update.
Two of my properties are still comfortably positive even at the new rate. One is close to breakeven, closer than I'd like. I'm not panicking about it, but I'm also not ignoring it.
The properties that were marginal at 2% rates are not marginal anymore. They're a problem, or they're about to become one. If you haven't rerun your numbers since the last hike, that's the homework this week, not next month.