This place was exactly as advertised. Charming, colorful, clean, and comfortable. We felt it was a great deal for the cost. It's in a great location, relatively easy to find even in the somewhat confusing Alfama neighborhood. The pocket wifi was a perfect accessory, we felt we could wander Lisbon aimlessly and just turn it on for directions back to the apartment.
Unless you are an avid bicyclist I think the bikes would be a challenge to use. The hills in Lisbon are even worse than San Francisco! We walked to most of the highlights, and took a tuk tuk on the few occasions that my feet hurt (pack reasonable shoes!).
I would definitely go back to Elsa and Rui's apartment. They were wonderful hosts, picking us up at the airport and arranging a cab to pick us up for our ride back. The apartment feels very safe and has a nice private courtyard.