This spot was by far the best value for our dollar in Portugal (we typically paid around this range, and got single room with kitchenette + bathroom). The space is very large (essentially 2 rooms combined) and if you were travelling with another couple on the cheap, you could really get a lot out of it.
You are also in the core of Alfama and in an AMAZING location if you are looking to be in the heart of Lisbon. Great restaurants and tourist sites are always around the corner.
But a fair warning, it is noisy here. As it’s an old building on the first floor you will hear everything. Parties, dancing, drunk people, breakups, the random guy singing above you, etc. (FYI- we were here in low season, the noise was mostly locals). The value is still there if you plan to have late nights, are a deep sleeper or don’t mind ear plugs. But if you’re looking for a more quieter experience, then this won’t be the best neighborhood to be in.