We had an excellent stay as a family with 2 children (8y and 5y).
It's mostly about the location. So central, with restaurants just downstairs (that is, less than 1min walking distance), and many more in the 5min walking distance range. It makes breakfast, dinner, quick lunch, and returns between a morning and afternoon trip super simple.
Others have posted about noise. Sure, you're in the middle of Polanco. It's an older building. The windows aren't sound proof. That said, it's noise from the restaurants downstairs, which is this ongoing mumbling of the visitors, etc. It's not loud music or a discothec or anything where you can't sleep. We actually were so tired, we just fell onto our beds, and the night and mornings are calm so one can even sleep in.
The location itself is older, very basic, but attention to details what's important. A fully featured kitchen, the TV has a bunch of subscription services loaded, or some emergency bathroom things.
Last but not least, the communication with the host was excellent, included visuals and pictures to get in, and answers were always provided very quickly.
Long story short, I'll stay there again on my next visit to Polanco.