Firstly, I appreciate the communication with Mustafa and his co-worker. They helped in any possible way.
The place is located near the center of Fatih, in the vicinity of Grand bazaar and Sultan Ahmet mosque. In first glance, it may seem that the place is unsafe and awkward, but it is totally safe and sometimes you can see sole tourists roaming around during the night.
The room is sunny and well ventilated.
The room is very very small though as we found it hard to fit our stuff into shelf and left some of them in our suitcases. Also, I suggested owner to install something in balcony to dry up clothes. Btw, having small balcony comes handy.
I must say that the only worst thing about the room is how noisy it can be during all day. You have to get very early(6 amish)and leave room if you don't want to be disturbed by all these coming from nearby shoe fabrication places. It is also noisy during evenings and nights as some of these workers stay up till late hours.
If you don't mind noise then this room is great and price is indeed great for the location.