I don't have children, so please take my suggestion with however many grains of salt. But if the rental market is tight and the real estate market is bonkers, then wouldn't some creative shuffling of the bedrooms work?
Do you and your wife need to sleep in the master bedroom right now? Or could you take one of the main floor bedrooms, to be closer to the kids? At some point could you put the kids upstairs in the master to share, so you can keep the downstairs to entertain? There's no requirement that you can't shift the rooms in the house to use however you need, whenever you need to.
My partner and I sleep in the non-master bedroom, which is smaller and darker, and we actually sleep better there. The larger master bedroom is used for an office/storage catch-all, which... well, it doesn't work perfectly, but works just fine. We are looking for a house right now, which is quite difficult in this market, but knowing that we can shift around room use makes us more flexible on what might or might not work.