We enjoyed our stay and recommend this place as a base for a long weekend in Riga. The location is great for exploring the old town and also the new city center is within easy reach if you don’t mind walking a bit. We never took a tram or bus.
Just as important, all the basics are right - comfortable beds, nice bathroom, and a basic kitchen for preparing simple meals if you don’t want to eat out every time.
As others have noted, the walls are a bit thin and you can definitely hear the neighbors, but everyone was respectful of the quiet hours so it didn’t cause us any issues. (We were, too, so I hope the other people in the building will say the same about us.)