4'x7' is a waste of space when it comes to a closet. It's not big enough for hanging except on one wall and a bit of the small wall. You'll get better storage in less space with a simple reach in closet with organizers. The bath itself also needs to increase in size if you want a soaker tub and a shower. A soaker tub isn't designed to work with a shower. You need a shallower tub with an integral tile flange to work with a tub/shower situation. A deep soaker tub will be a PIA to step into to use as a shower, and you'll have water infiltration issues if you try to use it as a shower as well. Also, most 4 bedroom houses would want to have 3 bathrooms. You may want to rethink your wants and needs and the small size of the space you are working with. One needs to reduce, or the other needs to enlarge. Since you say the budget is small, and this will be an expensive project, I'd suggest reducing some of your wants, and eliminating one of the bedrooms to better utilize the existing space split between the others. A 3/2 is a common configuration, and would give you more space to work with for the design. Remodels like this are costly because of working within the constraints of the old footprint and accessing the major systems. Also, integrating the old and new isn't always successful. It's just easier to do plumbing and electrical and HVAC (all of the expensive stuff) when the walls are completely open and you don't have to fight the old stuff into submission. It's one of the reasons teardowns of older homes in older neighborhoods became popular. It's less money, and you end up with more house that has more modern proportions and amenities.

Sorry I'm so late getting back to you. I think that oddly sized fixtures can be off-putting. Many home buyers are looking for an "ideal" and they can't see past that. If the tub is well made and the bath is located where it's most needed a shorter size tub might not be a problem. If the bath will be used by children then its size is less important, but children grow into teenagers. acm voiced a concern I had about the location of this bath to nearby bedrooms. My mistake in calling it water-resistant drywall. It looks like drywall but it's better referred to as tile backer board. It's most often 1/2 inch thick but I have seen a Hardie brand backer that was only 1/4" thick and came in 3 x 5 ft. sections. HERE is a link to more info on these. There are several types with differing properties. On toilet location, I don't think "obstruction refers to the nearest wall or fixture. I think it refers to something directly in front of the toilet. Looking at your floor plan an angled toilet would not have anything in front of it. There might be room between the toilet and the vanity for a waste basket.

HELP!! I am looking for suggestions on how I can remodel my small bathroom because I am having trouble with the design. There are so many great options to choose from but I’m not so sure how to go about it because my bathroom is very small and I would like to make it look bigger. The thought had occurred to me to go with a white off black design but I am looking for something more edgier and less expensive. My preferences are that I would like to add in a stand in shower and keep the vanity that I have. Here is a photo of my bathroom as well as a couple of options that I was choosing from...

The vanity IMO would the 1st thing to go and keep the rest of the finishes simple. So I have no idea how big the space is but if it is a PR why have the shower at all so maybe a bit more info would help. I like floor and shower walls all the same to make spaces feel bigger and I really do not like subway tile in showers since the more grout the more work to keep clean .