Amazing trip, great flat, perfect location.
As you can see from the posting and other reviews, the apartment is located right in the old town, by the Alfama district of Lisbon. It's a short walk to the nearest metro station to get to the rest of the city and elsewhere, but you can happily spend a couple of days solely in the Alfama district around where the flat is.
Vânia is an excellent host - she greeted us with a bottle of wine and a page full of tips for nearby restaurants, beaches, etc. She was there for any problems (if there had been any) or questions.
The flat itself was better than expected for the price!! Plenty of space for three people, all the amenities you'd need, plus Internet for updating friends and family at home :)
5/5 stars!