My wife and toddler son stayed here for three nights and overall had a lovely time. You can tell Eric and Jen put some time and thought into their place, kept it fairly clean, and it was great to have a full kitchen available.
For a couple, the place works very well, with the one exception that the mattress is a bit old (though comfortable). For our family of 3 (me, wife, toddler son), I'm a bit ambivalent. On the one hand, it's somewhat cramped for three people. I slept up on the futon while my wife and son slept on the mattress, and the futon wasn't really a first-class sleeping experience (fell off a couple of times in the middle of the night; bar rides down the middle). On the other hand, we found a hidden stash of toys and our son just seemed genuinely happy, slept very well, and really enjoyed himself.
As for the neighborhood, the restaurants within immediate walking distance are not really that family-friendly (bar-like pizzeria, limited grocery selection, etc.), but were kind of a fun throwback for my mid-30's wife and I.
The one thing to be aware of is that parking is on the street based on what's actually available. The first night we got lucky but every other night we had to park about a 5 - 10 minute walk from the place.
Overall: nice place, small, communicative hosts, fun area for 20-something's a bit of a novel experience for families, plan to walk a few minutes for parking.