Great location! Alfama is a great vacation place. Walk everywhere. Great restaurants 2-3 minutes away, Fado Museum (good point for directions) very close. And it is quiet at night (very important for light sleepers).
However, not good for travelers with a lot of luggage.
Stairs up and down. You can not have a Taxi drop you off at the apartment. You will have to walk.65-70 stairs.
If you backpack, no problem.
Apartment is very clean , comfortable for 2. Had everything we needed , fridge, microwave.