Definitely value for the money. it is close to central town of Riga but not in Central so you will have to walk 10-15 mins. Allik was really good in communicating all the necessary details and waited for us on the first day to help in check-in and helped me out with other details about Riga.
Be aware that its a low ceiling house with 6-7 rooms in which students are living so might not be very suitable for tall people or for those who prefer silence in the night.
Overall its a nice place to stay for couple of nights in Riga.