A very good experience. This trailer has been converted into an apartment with a kitchen (microwave, sink, stove, fridge), full bathroom, bedroom and living area. The decor is pretty cool: retro-style, fitting the trailer. The TV has lots of channels, the kitchen is well-stocked with non-food supplies, and the bed was comfortable. There's a little deck with lights, and a fenced in yard for privacy. Also, the two AC units keep it surprisingly cool (even in the 95+ heat I had). It is small, and I'd say it's best for a couple, solo travelers, or very good friends.
It's an easy (20 minute) walk to the LBJ library and the UT athletic facilities. And about a block away there's a cool cafe/bar, a juice bar, and a mini-mart. Outside of the immediate area, it's a little desolate, and I would take cab to most other parts of Austin. I never felt unsafe, and the property itself is secure, but it is a city so it's always worth knowing your surroundings before you head out.