It depends... on the child, on the baby, on their transitions through developmental phases etc.
How much sleep do you need? If you are one who really has to have 8 hours of sleep in order to feel normal... then no. You will not get that.
For me, I can exist on even 4 hours of sleep and do fine... and it actually makes me real efficient. And for me, since my Daughter was born... I did NOT have any semblance of normal sleep nor an 8 hour stint... in like about 7 years. Until BOTH of my kids, were sleeping well and all night... like an adult. (not like a baby). Because "sleeping through the night" in baby terms, means sleeping 5 hours a night. Both my kids, started sleeping ALL night, from about 2 years old...
So, that is realistic. And it seems to have happened with my friends too.
Working from home (with kids and not sans kids), well that will be tricky too. If your work time from/at home is flexible truly, then you will probably have to work while the kids are napping... or when they don't need you... which means about every 10 minutes or so, you will have to stop yo ur work/concentration, because a baby or child will need you or they need to play with you or you will need to take them out etc.
So, in that respect, getting enough sleep and getting in enough "time" for working (at home), will both be challenging. Working from home, is not necessarily easy nor convenient... but, it is great.. because we are Moms and that is what we believe in doing, being a SAHM, and being with our kids.
I work from home too amongst all the other stuff... kids and household and that in itself is crazy busy. But I can, being the way I am, squeeze things in and complete it in nano-seconds.... all day. But it is exhausting.
A couple of SAHMS I know who work from home.. actually have a Nanny come to their home to help mind the kids/baby... because if not they are NOT able to work, period. And their "Boss" would not like it... them not being available at certain times of the day... even if telecommuting or working from home.
Anyway, each person being different and each baby.
All the best,
Susan