The flat is located at a perfect location - close to Gastown/Chinatown, public transportation, and center of town. The only note is that the area may be a bit dodgy at night (we didn't go out much, so can't confirm that for sure), as it is close to some clinics (where folks can get clean needles), but during the day, it is really a great location and we didn't worry about it.
The apartment itself is great, the only caveat is that the beds (the bunk beds and the master bed) are really creaky, which is an issue if you have light sleepers. The washer/dryer inside the unit were a great perk.
Overall, the location beats out any minuses, it is close to some great food at Gastown and Chinatown, convenient to get around on public transportation and to walk downtown (didn't even need the car we brought (and parking spot is available, so that is also a big plus)).