Room
The room was perfect for what we needed; a nice bed, big television (only Hungarian spoken), a small table and chairs, a closet and a small kitchen. Everything was perfectly clean and in a good condition.
We only ate breakfast here, but if you want you can make a (very simple) meal with a 1-pit electric cooker. Pots, plates, glasses, mugs, cutlery, washing-up stuff, etc; it's all there.
There is a heating and AC which probably work fine; we didn't need them though.
Location
The location is great; literal next to the Parliament and 3 minutes away from the metro and a supermarket. Around the Parliament you can find lots of nice and cheap restaurants, so that's very convenient.
The hotel can be found on the 3rd floor (which is called the 2nd) of a apartment building. Most rooms, maybe all, have a room on the courtyard side, which makes it nice and quiet.
Service
There was not a lot of service, because it is a very small hotel. The people that were there were extremely helpful and kind. There was somebody at the desk from 9 to 5, who you can contact at all times. If you need something like a screwdriver or iron, you can just take that at the desk, even though there is nobody.
Price/Quality ratio
I really think this is the best you can get for such a low price. It is perfect for students or backpackers, but older couples can easily stay here as well. Don't expect a luxury hotel. It is quite small but nice, clean and has everything a small apartment should have.