It'll be fine. I have a $300 Giant bike and it'd probably have been OK with stock cheapo components, except that I ride 8 miles a day over very rough gravel road. That eventually led to many broken spokes (requiring me to build a durable rear wheel) and eventually a broken axle. I've replaced other stuff on my bike but just due to putting 15000 miles on it. It had about as cheap components on it as you can get and they all lasted 10000 miles.
I was thinking about buying a "nice" bike (IE around $1000) a few weeks back when I broke that axle, but I decided to repair instead. I'm really quite happy with my $300 bike, even after 3+ years of every-day commuting 22 miles round trip. So now it has a new rear wheel with a freehub instead of the cheap freewheel it had before (freehubs are more durable due to bearing placement and wouldn't have broken as this one did).