Vasco has everything that you need just in one room. The apartment located in very nice neighbourhood. But we arrive Alfama in the beginning of June which is the celebration month. At night, everyone was out and party until midnight. It was fun and a little bit too loud but we could sleep though the night. During the day, it's just a peaceful place to stay.
I would not recommended for those of you who have the big and heavy luggage because the apartment really located in the central meaning you have to carry your luggage up and down all those stairs in Alfama. But I'd definitely go back with lighter pack.