Excellent location for seeing all the sites. Can walk to the Colisseum and other monuments (Pantheon, etc). Apartment is small but we barely spent any time there anyways! Lorenzo is lovely and gave us a map and some great info/tips on what to do. He was very accommodating and responded quickly to any questions.
In regards to Rome, keep in mind Vatican museum and Basilica/mostly everything in Vatican City are closed on Sundays. Also prepare for lots and lots of tourists (even in October).