Absolutely a great location. We felt quite safe with lots of night time lighting and being within walking distance of Canal St. trolley. You can take it downtown for a pittance and not have to worry about parking, etc.
Walking around the area we felt safe, which is not always possible in other areas of the city.
Just be aware that the building is quite old and shows its age, and sometimes not well. The floor is a bit unlevel. The kitchen is tiny. The bathroom is okay but nothing to write home about.
Overall, the place is quite dark. Turning on fans and lights with a combination of switches and pull chains was unexpected. Yes, there is a balcony and yes, you must climb through a large window to get to it - a bit unexpected I would say but it did add some charm.
You're going for a unique experience with this one. Kinda quirky but neat in its own way.