Location is absolutely great. It's close to the train & metro station and a number of major points of interest. You'll find lots of restaurants within minutes from the place. I went to a few that Tomás recommended (in a little book he left in the room) and they're really nice.
The room looks exactly like the pics, nice & light. I do recommend light sleepers to bring some earplugs as the windows are not soundproof, but I guess this applies for all old Portugese buildings.
I found a great bike rental shop within 5mins from the apartment (22, Rua do Ferraz) and highly recommend renting a bike to visit Porto, Gaia & surroundings if you stay for more than 1 or 2 nights.
I highly recommend this place.