The view is spectacular!!! The house itself is quite cave-like and a bit smaller than expected. We had five in our party-- the back room with the full bed is fine. The full bed and twin bed in the front room is cramped. I accidentally kicked my friend in the twin bed at one point. Maybe if there aren't 5 people, the beds can be removed? Anyway, we didn't spend much time in the Airbnb except to sleep so it served its purposes. It came fully equipped with coffee, tea, and butter and jams for the fresh bread that is delivered every day (closer to 11am, we found)-- the bread was delicious!
It's not directly below Lotza but down quite a few more steps. However, I can't recommend eating at Lotza enough. William took great care of us there and the food was delicious. The location of the Airbnb itself is quite residential, you have to climb to get to any restaurants and there's an entirely different section of Oia-- sort of like a main strip a bit farther away (10/15 min walk). This location is best if you're looking for privacy and to be in the array of white houses.
They generously arranged a van to pick us up from the ferry but on the way back to the ferry we took the public bus which was so much cheaper (1.80 euros/pp vs. 37 euros for the five of us) and really efficient-- they're giant coach buses that look like private tours. You have to stop in Fira before going on to Oia, but it's an option.