Awesome place for the money. Just a few tips for non-European friends.
1. The place is technically on a 4th floor since the ground floor is used for the storefront.
2. Lisbon is a hilly place and this place is up on a hill. There are stairs starting in the alley across the street. This is the best way to Downtown.
3. There is no A/C. Fans were perfectly adequate in October but I am not sure about August.
But if you are healthy and active the location is hard to beat