Pros: Carlota is a great hostess and we had a very enjoyable stay in Lisbon. The apartment is in a really good location for getting to the castle, cathedral and viewpoints and a slightly further walk for others. There are some great local cafes and markets just downstairs and Carlota gives many useful local tips about the area and restaurants and things to do. Perfect size for 3 people.
Cons: the apartment is on a street corner with trams, traffic, and noise at night & the entrance is on some steps where lots of people sit and drink at night (generally men) so you might want to consider this if you are a woman travelling alone? There is also only 1 fan so in the summer months very hot to sleep in the bedrooms. Other people have also written about the gas canister/boiler for hot water as it gives a very strong smell of gas when used so we worried a lot about a leak in such a small apartment!