We loved our stay in Bologna! The apartment was perfect for us four adults and the location was very central to the train station and to city sights. Though the balcony is not private it was a great place to relax on the sunniest day when it warmed up a bit.
It was loud in the bedrooms with the windows open to the streets below (some bars and restaurant that were open very late) and nearby church bells are ringing all the time, but this was only really a problem because the building's heat was on for the winter but we were there for some unseasonably warm days so had to sleep with the windows open.
We would definitely stay again if we are ever back in Bologna!