You'll be hard-pressed to find a better priced-room in LA during the summer than this one. It's a good location for getting around town (mostly 1 hour max by bus to get to work/good shopping, etc.), and even better if you have a car. It's right by La Cienega Blvd., which, if you're unfamiliar with LA, cuts through most of all the major streets you'll need.
Michael, the host, is an affable British gent who made my stay actually feel homely - something that can be hard to find in LA. He was more a flatmate than other Airbnb hosts I've had, and given the price and location, this makes this a tempting location for students in town for summer (such as myself). There was one other guest while I was there who was also great - the apartment isn't huge, so it's an intimate environment.
You probably should realise, however, that you're paying for what you're getting: everything is clean and tidy, but be aware that it's not hotel living. This is a home, and expect it to feel like one (IMHO, what I prefer anyway). There are three cats, all of whom I adored, and are real characters - they made me very welcome during my time there!
Cooking is allowed, and there's a Trader Joe's relatively close by (by car), as well as other options. Michael likes his place clean, so be prepared to clean up after yourself like a responsible adult. Neighbours are very friendly and down-to-earth, and the area always seemed pretty safe. Finally, if you're into classical rock, so much the better: Michael is well-versed and passionate about the stuff, and certainly expanded my tastes while I was there.
Simple, affordable, and authentic - this is no-nonsense, good quality living. Choose accordingly.