It doesn’t work out. Especially if you have a wife that dotes on the kid. We had a trilevel condo with that same scenario that we had bought before kids. After the initial baby, changes were made. We have since sold it for a more traditional layout.
It can only work out if the child is independent and older. We knew going into the condo that it was not ideal for smaller kids, but we bought it anyways since we didn’t have babies for about 4 years.