Totally recommend the Loft. We had the best location when staying there. You can easily walk Bolhao in the north or to Vila Nova de Gaia on the other side of the Douro. For other cases Metro and Train station Sao Bento is just around the corner. The restaurant and the shop on the corner of the house close latest 11pm so there wasn't any problem for us with sleeping but we do have a deep sleep.
Be aware that you can't go directly in front of the house with the car. It is pedestrians zone. You can park around the corner but it is a bit difficult - recommended for people used to city traffic and not afraid of wrong parking (at least a few minutes).