The Good:
Amazing location in the middle of Old Town Prague! Communication was good.
The Bad:
The bath leaks all over the bathroom floor.
The bed is broken (holes under the cushions, meaning you sort of fall through it).
The sofa bed's supports are broken, so we had to remove the mattress and put it on the floor instead.
The kitchen tap is almost completely detached from the counter.
There is hole in the bedroom door. It looks like someone has punched it.
The curtains in the living room (for those using the sofa bed) aren't thick enough to stop much light getting through.
There is no hand towel/cloth in the kitchen, meaning all cleaning has to be done with paper towels.
Summary:
Great building and amazing location, but the interior of the apartment is a bit of a wreck. This is a fairly cheap apartment for 4 people - but 'cheap' shouldn't denote that the apartment is in disrepair. This could easily be a 5 star stay if the points above were all fixed.