I stayed for a week to attend a Conference at the cultural center and it was the perfect location: 5 minutes to the conference, 10 minutes to the center. Just at the bottom of the street you can catch a bus to everywhere you need to go (including the airport) and there is a taxi stand as well.
Rena was very kind and quick on answering my questions and gave me all the information I needed.
A good place to stay in Heraklion!