I had a great two-week stay here. The other reviews here give a good picture of the tradeoff: it's a great deal for a large, clean space in an older grungy building. Overall totally worth it. Barry was very helpful and responsive with arranging a late check-in, and later on when I lost the keys and locked myself out.
The location is extremely central and convenient, one block from MRT and near the Ximen walking district, Red House gay bars, and tons of shops and restaurants. The public Wanhua Sports Center nearby is a solid gym facility for about US$1.60/hr with no membership required. The area is quite busy - not the best place for quiet unhurried cafes or large green spaces (there is a nice riverside path but it's surprisingly difficult to access) - so if those are priorities that could be a reason to look elsewhere, but I would happily stay at Jessy's place again next time I'm in the neighborhood!