This is a very nice place—and you get a lot for a very good price. It has the charm of an Alfama apartment (i.e. it has not been modified for tourists to the point of being unrecognizable) in an unusually large space.
The place has a number of good features: its size (especially the kitchen and the living room), plenty of light (coming from both sides of the building and from the living room’s ceiling), its two balconies (with enough room to sit in them to have a coffee), a nice interior breeze (which you can create by opening both balconies), a tasteful decoration (and lighting), and the coziness, in particular, of the kitchen, the bathroom and the bedroom.
Everything also seemed to be in good shape and working well (hot water, internet, tv, kitchen and its appliances, lights, …). Internet had good speed and could handle video, and the TV had a good range of international channels. The furniture is also well taken care of.
Communication with the host was always fluid, informative and to the point. Arranging the check-in and the check-out was very easy.
The place is also very quiet. At most you hear from time to time other neighbours walking up or down the stairs or closing their doors. You might hear people talking in the patio or across the balconies faced by the kitchen, but that is part of Alfama’s life more than an annoyance (something maybe even precious if you come from a big city).
And the location is very good. You are in the very nice neighborhood of Alfama and, among other things, only five minutes walking from Santa Apolonia train station, from the nearest metro station (located in Santa Apolonia), and the nearest affordable supermarket (Pingo Doce, also in Santa Apolonia).
A couple of (maybe) minor things. The place cannot be said to be at the “heart” of Alfama, but rather at the very limit of it. It is the last “Alfama-looking” building as you walk away from Santa Apolonia towards the Museu do Azulejo. This also means that the main balcony, the one from which you can see the river, also shows a not very Alfamaesque urban landscape. Another minor thing worth mentioning is that you may not have a sense of “privacy” in any of the two balconies. You are visible to others in both. On the other hand, you will have sun guaranteed on one or the other at any time of the day.
All things considered, the apartment is highly recommendable.