Freehand is by no means one of the greatest places to stay in Chicago. Not only because of its very low price, but also the location - simply in the very heart of Chicago. Everything you must see is just walking distance from your home. The only tricky thing could be your roommates, because you get them randomly. But still, it's worth to give it a try.
PS: be sure to check out bar located inside "The Den" - Broken Shaker. It's another MUST on your list while in Chicago.