We stayed at the place for 4 nights last week. The house is located in a quiet area but is quick walk from the standard tourist areas and the main rail station (this is a big plus - if you intend to use Airport Express or take a train out of Prague for a day trip)
The train station is a 10 min walk - there is currently road works ongoing in the Museum area but once that is completed, I anticipate a quicker walk. We walked to the train station to catch the Airport Express Bus on our return.
Wenceslas Square is a quick 5-7 min walk and once you are there, you wouldn't mind walking straight until the old town square (15 min) as the whole path is lively and packed with people, tourists, shops, eating joints, cafe's etc.
If you are looking for quiet cafe's /eating joints, it better to walk on the opposite side from the house (take a right once out of the house). There is a Tesco Express as well within 10 min walk from the house.
The house is clean and exactly as shown in the pictures. There are a number of utensils available for use. We had a great time and Milana was a wonderful host. We recommend this place for a stay and would give it 10/10.