My girlfriend and I stayed in Jeanne Claire's apartment and had a great time. I was able to take the bus to UT Austin and downtown, which was convenient (even for a subway rider). I do recommend having a vehicle, though, to make travelling to other neighborhoods much easier. There are also some great restaurants/bars in walking distance. Jeanne Claire left a binder recommending restaurants and entertainment in the neighborhood.
The apartment was comfortable, including the futon. Though we didn't use the kitchen, it looked very inviting.