That's not too far off from the floor plan of my first home. It was about 24 x 28 so had a little more flexibility. This kitchen seems too large for my taste, but it probably is intended to house a dining table too. I had a crawlspace furnace like you suggest, and the utilities were in a kitchen pantry closet. It had the water heater and electric service box, and instead of shelves I crammed a washer and dryer in there. Worked great for a single guy. I'd rework this floor plan by moving the interior wall towards the center, making the living and kitchen narrower but giving enough space to put a bigger closet in each bedroom and a tub in the bath.
My thinking is based on permanent occupancy. For a weekend cabin this might work. I would definitely move the water heater though, make it a compact one in the kitchen. When you're dealing in space this small it will pay big dividends to think about how the space will be used and figure out where to make a few sacrifices in amenities to get more space. I've never read the Not So Big House books by Sarah Susanka but that might be a great place to start.