Higher down payments and rising interest rate, keep buying?

With rising interest rates and down payments due to rising prices, does it still make sense to keep buying more rentals?

I have 8 properties including my primary residence. I was going to buy two more this year to keep enjoying the appreciation, principal paydown, etc. 

But with 325-350K required for dp for two properties in total, rates at 4.25 or 4.5 % I'm leery. Cash flow would be about $50 a month each. I'm in the Seattle/Tacoma area so appreciation is how we make our money and not quite near the top of the cycle based on indicators.

That said, I'm debating whether I want to buy more rentals this year or not. I could take the money and invest in stocks once they bottom.