This is a 1 bedroom apartment with 2 beds, although the living room has a door, which gives it the privacy of 2 bedrooms. Sleeping arrangements include one bed and VERY firm futon-couch. Other rooms: eat-in kitchen and bathroom.
Points off for misrepresenting it in the listing, which said 2 bedrooms, 3 beds. Sorry, a living room with a door does not count, even in NYC.
I'll echo what others have said: be prepared for 6 flights of steep stairs. Don't bring much luggage, because multiple trips are no fun.
The entry to the apartment building is kinda skeezy, as is the inside of the building, although that's not really the host's fault. It just is. Not something you should be paying to dollar for, however. Expectations are important here.
The immediate block is the backside of Chinatown and not terribly scenic, but safe. Just people doing their thing.
All that said, the location is great for walking to Chinatown and Little Italy, and I imagine for the Financial District and Tribeca, although I didn't try it. There are a bazillion places to eat within a 10 walk, from dim sum to bagel diners and pasta houses.
Jake's got a good cleaner, because the place was very clean. Points there. Appliances and furnishings were all in good shape. More points. Also communication was decent, even though Jake was out of town.
The key to sleeping well here are the window AC's. They provide white noise that can drown out anything but the normal NYC ambulance problem and most of the radiator noise.
As for value, I wasn't terribly pleased with the final bill, which was because of a high cleaning fee and AirBnb's cut on top of an already high nightly rate. I booked relatively late for a holiday weekend, so I didn't have much choice.
This place would be fine for a few bro's in NY for a long weekend, because the location is ideal for accessing anywhere from mid-town on down. Plus you could split the cost.