This was a perfect place to live wild in Riga, and I would strongly recommend it.
Near center of the old town, walking distance to everything. We arrived during the midsummer celebration with the main area of celebration very close (with concerts and a lot of people drinking/eating and just having a good time). We then expected little or no sleep because of the noise, but we did not hear a thing during the night.
we were 3 people living there, and it was OK. But if you are set on staying most of the day in the apartment (which i don't see why you would do when the town and everything you could wish for is right out the door) i can imagine it can become a bit small.
If i have to remark something that is not THAT great it is the ventilation in the bathroom, it could have been better (but this was not a big problem)