In terms of location, one can’t beat Letizia’s place. Located inside the Corte Isolani, you would be living on the most beautiful piazza of Bologna! There are restaurants and bars all around so it’s super easy to hop down and have aperitivo. Or gelato.
Letizia’s place is functional and clean; beds are really comfortable. If you are a light sleeper I would suggest you pack some earplugs as the place can get lively, sometimes loud, on the weekends. After all, Bologna is host to the oldest university in Europe. I would stay again at Letizia’s place in a heartbeat.