Location, location, location. 5 min walk to Old City, supermarkets, eateries, train station, etc.
Bang for buck at 40 eur/night was also alright, hotels just around the corner wanted ~100 eur/night on my dates, which was a bit too pricey.
It's a full blown studio: a small fridge, cooker, cutlery, washing machine. Fridge and cutlery were nice to have.
First and the foremost, VERY BAD CHOICE IN SUMMER. They do not have any AC, which is as advertised. They do not have any fans (!) either. NOT EVEN A BASIC 15-BUCK FAN. Opening all the windows all the way barely helps the air temperature, but lets all the noise in, and man, the traffic on that street is NOISY. Beats most if not all downtowns I've been to; say, bum fights and police sirens right under your window in SF downtown are, well, more calm.
The room is shabby, the linens are old, the towels are gray, the pillows smell like they've been here since 1950s. Of course, you always expect some shabbiness in cheap places. I'm just saying this was worse that normally expected. SMELLY pillows? GRAY towels? Not even light gray, you know? Come on.
WiFi was either not working or extremely slow, which is a minor thing again, still normal for most hotels. By "extremely slow" I mean that I was not able to check in for my flight back online, and that Google maps worked just once in a few days, and took minutes to load even on that occasion. So for WiFi, plan on using any of the coffee shops around instead.
Overall, Tallink and Mercure are just around the corner, and they are SO MUCH better. So if you can get a decent rate there (alas I could not), do spend a few extra bucks, at least you will be able to get some sleep at night under the AC, enjoy clean sheets, some breakfast, working WiFi, etc.
If you're on a tight budget, word of advice, consider bringing your own fan in the summer (winter should be okay as they have a heater)... and perhaps even linens.