The location is certainly not downtown or anything, but that's not what we were looking for, and honestly we really liked the neighborhood. Sure, it's a little rough looking nearby, but you can steer clear if you like. Plus we didn't feel unsafe and there were lots of transportation options in any direction you want to go.
Valencia really was an interesting place to visit and I wouldn't hesitate to stay in this apartment again. Although having a tv around to watch an occasional mindless movie at night did keep me up a bit late sometimes!
Having the wifi settings saved in Airbnb also helped us get in touch with Emilio when we arrived, since I was able to connect from outside (no data while roaming) to message him when we arrived. He was there within a couple of minutes and gave us tips about the metro card and where to get it, etc. Plus the local places to eat.