This place has great access to the frequent ferries and buses into Sydney, as long as you don't mind walking hills a bit! It's a 8 minute walk downhill to the ferry and a 15 minute walk uphill to the bus. Plenty of shops and restaurants in Neutral Bay Junction where the bus stops.
The place itself is comfortable and roomy, just as shown in the photos. It has some quirks - mostly the lack of a table to sit at to eat - but is a charming place that worked great for us (3 travelers). Elizabeth is a fabulous host, super responsive and friendly.