One largest downsides I can think of is vendor lock-in. If you intend to expand beyond iOS, there will be some friction and a great deal of re-implementation once you select another platform to build on.
If you do intend to move on to other platforms, I'm impressed by Realm's offerings [1]. The support local data storage, as well as syncing to their cloud platform (with a monthly fee, of course).
EDIT: Forgot to include the [1] link.
You also don't have a database that you can use to provide data to your users or let them provide information to one another.