Planning to buy a townhouse in milpitas and rent out 2 bedrooms

[Sreenidhi S.]

I'm planning to buy my first property in milpitas near great mall. It a new construction and has 3 bed/2.5 bath. 

I plan to live in one of the rooms and rent out two others.  Property costs about 1mil and i expect 5k monthly expenses  (which includes mortgage, property tax and insurance and hoa). 
How should i run my numbers to make sure it is a good deal. 

I plan to charge 1.5k per room per month and will chip in the rest of the costs myself as i will be occupying one of the rooms. 

As a first time landlord, what are the things i should watch out for? 

I hear real estate market might cool off in 2 years, is it advisable to enter the market now?