Paul's place is a small and comfortable and in a neighborhood that is generally pretty quiet. I didn't see alot of foot traffic in the neighborhood and you'll have to walk abit to get to any cafes or shops.
There was some construction happening on the street during my stay which was a bit noisy in the morning but I expect that will be completed soon so may be a non-issue for future travelers.
Also while there is a small sink and refrigerator, if you are the type that needs space and amenities to prepare meals then this won't be the spot for you.
It's also worth noting that to get to the tram, Google maps will guide you to stop 25, through the Coulsen reserve park, which is basically unlit and so very dark at night. I would avoid this route and catch the tram at stop 24 which can be accessed by passing through a tunnel under the Clifton Hill station and then cutting through Mayors park.
In general this is a good spot for travelers who plan on eating out for meals and just need a quiet comfortable place to sleep.