Super spot. The air conditioning is a Godsend! There is great light in the flat and the beds/bedrooms are very comfortable. There is some construction going on on the street but that is only an issue during the day time. It's very quiet at night, so no issues at all sleeping.
A few quick watch-outs: Alfama is very hilly (part of the charm) so it's not the most easily accessible building and the en-suite bathroom doors are frosted glass so not much sound insulation. You can also hear people between the rooms of the apartment. Besides that, it's really a beautiful place and I would definitely come back. Thank you Ana and Paulina!