The location is very central, in the Vucciria area. It is a very authentic Palermo neighbourhood, I knew what I was in for, but it will not be for everyone because it is rather gritty. Having said that, I am a woman travelling alone and it is not a dangerous area, and you will have a genuine Palermitano experience.
As others have said, the noise from the piazza below can be very loud: kids and adults yelling, motor bikes and scooters revving and circling the piazza for hours on end, and even a horse being exercised at times! It actually didn't bother me (it was very authentic) but others may find it a problem. The noise does stop when the kids are at school or go to bed, but I imagine it would be more constant during school holiday periods.
Another thing to note: Davide will expect you to arrive EXACTLY at the time you nominate: I was walking from the station and he called me to ask where I was (I was 5 minutes away!) He spoke in rapid Italian that was hard for me to understand while walking down a busy and noisy street. This made the check in process rather stressful. I also found it very unusual for a host to expect such precise punctuality in Italy. (-;
The apartment is equipped but quite a few of the listed essentials were absent: no cooking oil, no soap or shampoo in the bathroom, and only a part roll of toilet paper (enough for 2 days of a 5 day stay).
Overall it was good for the price, but the area won't be for everyone.