Small is relative. Not enough information in your post. How small is the home in sq ft total? Small means different things to different people. How many bedrooms in your home? You said 2 on the main floor. Are there other rooms upstairs? A master bedroom somewhere else with an ensuite? Do you have a sketch of the floorplan you can post for clarity? More information will give you more accurate answers.

And it all depends if you host guests frequently. We have friends that live by all their relatives thus never having sleep over guests (1 bath is fine for their 3 person family). We are a family of 4 that does have frequent overnight guests (another bathroom is a must).