Firstly positive- unbeatable location by the Cathedral.
Palma is infinitely walkable. We were there for a week and ended up spending a lot of money (about 25 euro a day on parking in the Parking del Mar which is convenient for the flat but expensive.
Also a top tip- do NOT book car hire at Palma airport through Ryanair. If it seems too cheap, it is. We got stung for either a 2000 euro deposit (which they hold for 30 days) or a 230euro damage deposit- guess what? They keep it! So your car hire doubles immediately you arrive. Read reviews for Record Go car hire and you will see that booking through a middleman incurs horrific charges and in fact I would call it a scam. Others fell foul in the queue too.
You do not need a car for a weekend.
If you are staying longer than a weekend this flat is a good bet.
Comfy bed and pillows and great location.
It isn’t luxurious but is good value as a base for longer stays. For a weekend I’d stay in a nice hotel- we are doing that tonight (our last night here) and there are lots of very smart hotels to choose from.