This is the first time I've left a non-5-star rating on Airbnb. This place is designed for nostalgia and authenticity, but not for comfort or convenience. Staying here indeed allows you to experience how Japanese immigrant lived back in the day. However, keep in mind that they did not live well even by that time's standards.
The hotel is located in a terrible spot. Police car sirens and loud motorcycle noises came in intervals of 20mins and lasted well into 1am - the irony is Panama Hotel has a quiet-hour rule for after 10pm. Needless to say, I did not get a good sleep. I don't mind that the toilets and the bathroom are down the hall, or that there is no mirror in the bathroom and you need to shave or apply/remove makeup in your own tiny room. But being in such a loud corner of Chinatown that people can't sleep well, that crossed the line. What's the point of a hotel if people can't even sleep well?
Next morning, before checking out, I went to shop around Chinatown. When I came back around 11am, the entry gate of the hotel was locked. I had to search for the owner in the Tea House to let me in. The owner said that she locked the front gate because there are "bad people" on the street (meaning homeless people). I get her point about safety; but I also wonder if it's ever a good idea to run a hotel on a loud, unsafe block that the guests can't sleep or walk in & out in broad daylight.
Also, the tea house is overrated. They claim to have a large tea collection, but I doubt they know the way around them. The barista told me to steep Pu-erh for 5-min. My parents are Pu-erh enthusiasts, so I know the first steep of Pu-erh should never be more than 30-sec. Sure enough, following the barista's instruction, the tea became undrinkable.
If you like to experience unnecessary hardship, give it a try. Otherwise, tour this place, but don't stay here.