One thing to appreciate is how equipped it is, you will find most of what you need on Ignacio's place.
That said, the location is pretty good, the area is not very dense but still safe and close to almost everything important for a tourist: Access to public transport, train terminals and food places :).
You can also find good sightseeing in the nearby areas.
Ignacio is an excellent host and if I had to go to Valencia again, his place is on top of my list.