This unit is perfect for a family vacation. My wife & I stayed here with our two grade-school age kids and my my wife's mother. My mother-in-law had one bedroom, my wife & myself the other, and our kids slept on the sofa bed. Everyone was comfortable and well situated.
I see at least two advantages to this place for a traveling family. First, the neighborhood is very safe and quiet. No rowdiness or anything to disturb the kids. You can feel quite at ease walking through the neighborhood on your way to the bakery or the L station or what not.
Second, there is a well functioning and stocked kitchen, so you do not need to eat out every meal. There is also a washer and dryer, so you do not need to pack so many "back up" changes of kid clothes. This makes it much less expensive than a hotel.
In short, this is a great place to stay on a family vacation to Chicago. The hosts are also super friendly and very helpful if you need anything. I am very glad we chose to stay here and I highly recommend it for others.