Yuk Yuk's house location is very convenience, walking distance to Mong Kok Station (Green and Red Line) which have direct access to Central at Hong Kong Island. Located at Mong Kok area, you can easily find local restaurant, street food, convenience shop (7 Eleven & Circle K), fast food restaurant, shopping mall and etc. Although located at Mong Kok, the neighborhood turn quiet during the night. But if you want to have some night activities, just a 5 mins walk will be the busy Nathan Road which is the shopping street and Temple street is just about 13 mins walk distance.
I would recommend you to stay at Yuk Yuk's house to experience the "real" Hong Kong. Bear in mind that the building doesn't have lift and you need to climb up to 6F. I quite enjoy it as it is part of the Hong Kong experience. In fact, you will notice there is a lot of staircase in this hilly city.