5 stars. TLDR: Great location, fantastic villa, and stellar hospitality. One of the best Airbnb locations I have experienced.
1 star for the location. The villa/caves are situated just outside the picturesque quint village of Megalochori (c is silent). Two ample and free public parking lots are a stone's throw away. ATMs, cafes, restaurants, and mini-marts are within a few minutes of walking. Restaurants stay open till late and are very authentic. It is far from the hustle and bustle of Fira/Thera and Oia tourist traps but close enough to drive within 30 minutes. We really liked the place and the village after sundown.
2 stars for the property. In true Santorini style, the white-painted caves are photogenic, luxurious, and functional. There are 3 independent caves, and 2 of them are big enough for families with teenage kids or 3 adults. The property has two temperature-controlled jacuzzis, a courtyard with a substantial 8-seater dining table, sofas adjoining a firepit, and a complete terrace with a washing machine, sun chairs, and barbecue pits. You can live life kingsize here, especially for urban folks like us. The interiors are beautifully done, with each cave individually themed and upholstered. Kitchens are fully kitted and functional. It feels like an upscale resort on this property.
2 Stars for Nikos and Angela, the best Airbnb hosts I have ever met. They make it feel like a resort. Angela is adept at English communication, and Nikos is there to lend a helping hand. Together they made our stay very comfortable. They can arrange for regular cleaning, linen change, car rental, and restaurant booking if asked. Nikos's brother operates a mini-bus, and we arranged with Angela to use his service for our pick-ups and drops - a very convenient arrangement for us. They don't stay at the property but respond pretty well if adequately communicated and given enough time. Nikos drove in every night to fire up the pit to warm up the courtyard.
Expectation setting for future travelers: The property fits 3 independent families in 3 separate caves. Cave #1 has a bedroom with an ensuite bathroom, kitchen, dining room, and a large sofabed in the living room with an additional bathroom. It can accommodate 2 adults and 1 or 2 teenagers. Cave #2 has one bedroom and one bathroom, and a kitchen. Cave #3 has a bedroom with an ensuite bathroom and kitchen, plus a smaller bedroom with a window but no aircon and a separate toilet. It can accommodate one family with a big kid or one additional adult. The property is a flight of stairs down from the road, quite common in hilly Santorini. So be ready to haul luggage if you do not travel light.