Pros: Affordable and decent location, amenities close by and within considerable walking distance to some great spots including Broadway.
Cons: Comparable to staying in a tent you can hear literally everything. If people are staying above you, you can hear every step they take. The stairs to the second level are outside the front door (beside the headboard of your bed) so you are able to hear when people come home at all hours. Also no privacy unless you keep all the curtains closed which makes the space dark. I would suggest replacing light bulbs for brighter ones.
All in all we were looking for value, an affordable location that we could still enjoy being down on Broadway and not go bankrupt on Uber and I think we found it.