Overall, this hotel was absolutely fine but they're behind with modernization. Had a great time with no problems whatsoever. Bed is fine, room size adequate, and two free bottles of drinking water everyday. My reference point is having stayed in plenty of similarly classed hotels in china & HK. I would recommend it to a traveler like myself, who is not obsessed with decorations/luxury, but rather see it as a clean simple place to sleep at night.
Area - 10min walk to Taipei Main or ZhongShan subway station. Plenty of restaurants in nearby alleyways. Here's the strange part- district is popular with Japanese visitors due to abundance of hostess bars. These bars house sexy girls who are paid to flirt and drink with customers who pay inflated drink prices. The many bars are in nearby alleyways and are nicely decorated with closed doors and unassuming signs. If you were not familiar with the culture, you wouldn't guess what they were. They do not cause any disturbances.
The Bathroom was outdated for asian hotels. Still had the tub/shower combo with shower curtain. Toilet was old and plugged easily. The hotel also strangely recommends to "not throw tissue into the toilet" (I actually assume they meant toilet paper tissue... )
Door lock - first time I've encountered the traditional lock and key door. Most hotels at this budget level have electronic locks with keycards. Steel door and with a safe built-in the room, so I wasn't concerned about security..