The location of the apartment is very good - it allows an easy moving around in the Underground, a nice supermarket nearby, walking distance to the Tate Gallery and the area around, and to Borough Market.
The place itself needs a "makeover" - small things that can give it a real upgrade n the feeling of it - stain in the sofa, chairs, broken knob door to the small balcony, ect..
There are also big things that are in need of being take care of - the dryer is not working( and with 4 kids in the winter is an issue), the bathroom is a challenge - small with a very very low water pressure), the heater in one of the rooms is not working ( solved with a electric heater available at the apartment, but still not the same thing as the central heater system), the mattress in all the beds (expect one) are in urgent need to be replaced.
In general - it provides a nice place to be when you are travelling in big numbers and with kids - it can be much better which some improvements.