We love the place! Its not immediately situated right in the center of the town but it's close enough. It's only about 20mins walk to princes street or only 10mins to Arthur seat. It's close to the public transport and if you don't feel like walking, you can just take the bus.
We took bus 35 from the airport and it takes about 1hour and 15mins approximately to arrive at the place and onlycost us £1.60 per person :)
The place itself is lovely. Everything as describe. We stayed for a week and it feels like home.
Thanks Bryan!