The apartment is located in a very central area of Oia, but right off the pedestrian street enough (because of a small private courtyard) that noise was not an issue. More importantly it has one of the best views of the caldera from the private balcony and roof top terrace (shared with another apartment that the host owns)! It was fun to enjoy breakfast (fresh warm bread provided daily) at the balcony with the beautiful scenary.
The host also happens to run a restuarant just down the street - food was great and the view was just as great as that of the apartment.
The apartment was also nicely decorated. It may be rustic, but all the amenities were well maintained and cleanliness was not an issue as well. Overall, one of the best Airbnb accommodations we have stayed at so far!