I love my cockapoos. I have a F1 American cocker/mini poodle and a F1B cockapoo/mini poodle.
They are not low maintenance. Their coat takes work or it will matt. There is regular grooming required (mine are groomed every 6-8 weeks). Any breeder that tells you they are low maintenance and hypoallergenic is to be avoided.....it's a lie. Also you can't guarantee which cost you'll get, so it could be shedding like the cocker spaniel coat. You need to be prepared for that.
As puppies they are more like crocodiles and children and adults can find the mouthing (which is normal) that puppies do frightening. Many people misinterpret this as biting.
They require stimulus, both breeds are clever and inquisitive so you'll need to be on top of training. Even now mine pull on the lead. They walk off lead well and their recall is 100%. Training isn't one hour a week at puppy class it's every day, reinforcing the behaviours you want. They might get on well with a cat, depends on how you socialise a pup and how receptive the cat is to a puppy! There are no guarantees.
Both mine were quick to housetrain. But you'll need to factor in cleaning up mess. Also if they are house training and signal to go out you need to be able to respond which isn't easy if you have children needing attention.
Have you thought about how you will transport them in the car? Is there room for the dog to be suitably restrained away from the children? Can you get a crate in the boot?
There are a lot of ongoing costs involved as well. Grooming, insurance, vet fees, vaccinations, worming and flea treatments, dog walker/daycare/boarding kennels/pet sitter/food etc that all add up. You also need to think about the impact on your weekends, what do you enjoy doing and how does a dog fit into that?
They are a lovely pet but you have to invest time and money in them and not everyone realises or is prepared for it.