If you don't read anymore than this: If you want cheap, stay here. If you want anything above that, don't.
Look, I thought I went into this hoping it would be more than about "cheap" or "budget" and more about a nice surprise. I gambled. I lost. Really, I was visualizing a "bed and breakfast" Bangkok style. I was naive.
Now, having said that, I have pretty much stayed from budget to exclusive locations in Europe, US, and Asia...this didn't measure up to any of them. I wasn't looking for or expecting 'world class'. I was expecting something maybe a little more "home-style." Nope.
In summary, I booked 6 nights and left after 1 night. As for some of the other reviews about street noise or stairs--yes, they had all that, but I can deal with it. The overall cleanliness, environment/feel, and feel of safety--were the deal breakers.
Madi Padi, I think you could have a great thing on your hands...I do. I just don't think you need undersell yourself as much as you think and with some minor updates, you'd be laughing your way to the bank and great reviews.