Mike's place is a great place to stay. Very clean, cozy, and well-lit room with comfy bed. The shared restroom even has a bidet toilet which is sooo nice. The Interstate 5 (I-5) may be close but the highway noise is barely noticeable in the room esp. during the night time. The hosts are very welcoming. Tap water is indeed safe to drink!
P.S. If you wish to go downtown from the place via public transit, it may be better to go east (short walk; there's an overpass and stairs going down to reach S Moody Ave. near South Waterfront Lower Tram Terminal); and if you're returning from downtown, it's better if you're coming from the west (SW Barbur Blvd). From the place, going west is uphill, and going east is downhill (so you may want to keep this in mind).