One bathroom for one family?

Yes, our family of 4 has been living comfortably for the past 10+ years with 2 BRs and 1 BA, despite having two in our family who are bathroom hogs. It would be a luxury to have an extra toilet but by no means is it a necessity. 2 children sharing a BR becomes an issue if they are opposite sex teenagers.

I would not do it. Also consider resale value; most buyers would not want a two-bed, one-bath.

Back in the old days, I grew up in a house of 6 people (2 parents, 1 grandparent, 3 teens [2 boys, 1 girl]), and we managed to share 1-1/2 baths (1 up, 1/2 down) for a number of years until the 1/2 was expanded to be a full bath. It's do-able, and not always fun. If you run a civilized and organized household, you could probably do it.

What neighborhood would this be for?