You are renting this space for the location and for a romantic, cozy setting. You are not renting this house for a high end, luxurious or overly comfortable living.
The pros are a remarkable view, easy access to the beach and a very romantic setting for maybe a group of couples or a group of surfers getting together. If you have a family of youngish children then you should prepare yourself for adjusting to: 3 minute showers as the water will not drain from the shower or tub; Shower heads that fall on you; Gas burners that kick out as you are cooking, gas burners that do not work on stove top (had to be replaced, thanks Joao!); No outside grill - well there are two, but both rusted through and not useable; No place to hang/dry clothes; a propane tank for the heater that you need to buy yourself and replace; A lot of mosquitos: a musky smell and mold if you do not constantly air out the house; Dirt roads leading to the house that will challenge your car rental and no rail on stairs (can be dangerous for kids).
I would definitely rent this place again if I am alone with a group of friends and if the price point were lower. It is hard because Joao is a supremely nice and helpful guy, the problem was I always needed his help for items that should have been taken care of before hand.
A couple of bottled waters or a beer upon arrival would have been nice. Nothing open at 12am in colares when we arrived and no water to drink at the house except a very brackish tap water.
All the best.