The place is a 2 bed 1 bath. The other bedroom in converted into his office. So you pretty much have your own place and if you need something from the host Vadim, he is right there. Don't worry he leaves you alone unless you need him, and he is very responsive on AirBNB messenger.
OK, the place is centrally located and approx. 2 blocks away from rail transport. Everything else is also walking distance; IE: restaurants, grocery stores, bars, etc.. He lives right next to a bar and restaurant that serves traditional Czech food, which is a good places to start if you have no idea where to go.
If you drove a car like I did, unfortunately there is no parking at his place, but there is plenty of public areas to park. You do have to pay for parking, but after a certain hour its free for the meters and normally you don't have to pay more than approx. $10 a day.
If I were to visit Prague again, I would most certainly stay here again.