The apartment is definitely better than a budget hotel. The room is light and spacious. High ceiling. Small kitchen is nice and has everything in it. Only drawback is a bathroom being narrow, but still manageable.
The apartment's renovation is fresh, the entrance is old.
The location is good enough. It's not in the center and not the place to spend your time in Vienna, but good for sleeping and you can get to the very center in 30 minutes using tram (1 stop) to Praterstern station, then subway (3 stops). The train from airport stops in that Praterstern too. We found this convenient.