Graciete and João's place is tucked away down a street, close to the centre of Porto. You're right in between the shopping district and historical centre. Seriously, the cathedral is about 5 min away.
It was a bit noisy, as all other reviews indicated, and if you're staying on the pull out bed in the living room (very comfortable), I'd recommend bringing earplugs. I wore them each time I slept and I didn't have a noise problem at all. It's probably best for big city dwellers who are already used to noise. The same goes for the people out front. I had seen in other reviews that it was a bit jarring to see lots of people out front of the church, but we (two young female travellers) didn't run into any issues at all and felt perfectly safe the entire time.
The bed in the bedroom was a little hard, but that's just personal preference and not at all a fault. Other than the beautiful interior, the bathroom was a highlight - the best shower I had in all of Portugal!
Overall a great place with a location close to everything that would best suit city dwellers who are used to a busy atmosphere. We'll be back if we return to Porto!