We enjoyed staying at Gary's BNB in East Croydon, it is very professionally managed accommodation which is obviously constantly updated and improved on an on going basis. Our apartment was tastefully furnished and spotlessly clean. Thank you Bianca! Getting to Central London is easy, just 15 to 20 minutes on the tube. There is plenty of late transport if you are coming home late from a show etc.
East Croydon does not seem to always have the best reputation, but we found it to be perfectly safe, clean, calm and quiet even late at night. We had no hesitation in walking around the area at any time.
Go to South Croydon for the huge selection of restaurants there. We had dinner at the Machan Kitchen Sri Lankan restaurant which very reasonably priced and one of our best meals ever. South Croydon also seemed a very nice and safe area, we felt perfectly safe walking most of the way there. Boxpark at East Croydon was quite a unique and lower price dining experience; well worth a look.