For location this place is definitely 5 out of 5. 1 minute from the beach, 1 minute from the tram stop and right next to Fitzroy Street with bars and cafés. However I'd recommend walking 10 minutes to Acland Street for that.
The unit was clean, well equipped with everything we needed and the hosts very responsive. I would definitely recommend for a short stay.
We stayed for a month and it's perhaps not ideal for that length. The unit is right in the middle of a complex so there are people living on all sides of you also in studio units. The walls are thin so occasionally we were disturbed by the guy above playing music in the middle of the night. Also there is a yapping dog somewhere. However these were very rare, maybe disturbed us 3 times in the whole month. so for short stays it's unlikely to be an issue.
It is a reasonable size given it is a studio unit, the bathroom is very small though. There is no view from the window but that is reflected in the price. Also the windows at the top in the lounge room cannot be covered so at night there is always light comming in the apartment. It didn't really bother us, but for people who are particular about having total quiet and darkness at night this isn't the ideal unit, but such things would definitely cost a lot more. Beaconsfield Parade is a very busy road and some traffic noise can be heard but the unit is not facing the traffic.
in all. I would book again for a short stay.