Accurate description. The host's office is right around the corner and the welcome was very comprehensive with good advice.
We had 11 people staying - we thought it would be pretty tight but enough beds were provided and it never felt cramped with a big living space. The location itself is fantastic - the street is full of life and music with great bars and friendly people who all seem to know each other. While it's tempting to venture to the nightlife of barrio alto and the centre of town, our best nights were right on our Rua dos Remedios.
There's plenty of shops nearby for food to save a bit of money for cooking in the pretty well equipped kitchen and on the other nights lots of good places to eat. The top floor (mezzanine) has a low ceiling which requires you to stoop low but it wasn't really a problem - just something to note. There are fans to help with the heat although with the thick stone walls it never got too hot anyway. Dishwasher, washing machine, Internet - everything worked perfectly.

Well worth it. Would go back in a flash.