Great place for the money. While it is not exactly in Colonia Roma, it is close enough that you can walk there.
The area is not the best, it may scare some people off, but I take it as a positive. It allows you to experience what Mexico City is all about. The clash of economic classes.
You can eat a block away in the Mercado Hidalgo for around 2 dollars or walk to Colonia Roma and spend 20 dollars on a similar meal. The difference is the area and the luxury that comes with it.
Overall a great place, highly recommended!