Hello! We were in Istanbul in February 2014. First, the wooden house is enough spacy! With 2 bathrooms and 2 good bedrooms! We were 4 and it was very comfortable! First it seemed to be cold, but the temperature was regulated by mother of Mr. Emre who met us with tea :) Towels and bedclothes were clean and fresh.
The house is located in very "Turkish" street, which is not at all clean and fashionable, but it doesnt seem dangerous and not far from the sightseeings (about 20 min by walk).
So, if you're 4 and you want to save money it is the best solution for Istanbul to live!