The location is perfect! It is right in the center of everything you need and not noisy at all, so when you come back from a long day of walking around you can sleep soundly. The host is always happy to give you suggestions on where to go and what to see as well as tell you what is going on around he city. The studio itself is cosy and has all the things you need for your own little B&B. If you are a fan of flea markets than this studio is perfect due to it being literally around the corner of the biggest/oldest flea market in Lisbon.
In general a great place to be if you want to see Lisbon from a locals perspective!
PS. A small tip even if you are not an avid flea market scavenger, you can get great souvenirs for a much cheaper price than in a normal souvenir shop and the quality is still just as good!