Located near the city centre, away from the hustle and bustle of life (i.e. Nights are quiet). I think that the majority of attractions are all within a 20 minute walk.
The closest train station Bolhão (which has many lines), is less than 10 minutes walk away.
Do note that there is no air-conditioning, and it was unfortunate that I had to have experienced the heatwave. So it was really warm and, at times, unbearable. Hopefully your luck would be better than mine!