Thanks for all the responses. I honestly didn't think anyone would say it is too small. I know 14x12 is on the smaller side for a master bedroom, but I thought it would be big enough for the few items I mentioned.
It is possible to make the walk in smaller. I think I could do 10'x4' and have clothes on one side. That would make the bedroom 14'x14' - is that big enough?
Currently, there is an old Ikea style cabinet in the exact place I would build something permanent. It has drawers and rods within. I don't like it, but maybe if it were actually built in and finished nicely I would like it better.
Having the built in would still take about 4' of space out of the bedroom - 2' of closet and then space to open the doors. I suppose I could do sliding doors, but they always seem to come off the tracks.
I'm open to more suggestions.