Perfect location of you want to be walking distance from everytying, but on a more limited budget. You really couldn't ask for a better hotel at this price. The rooms are clean, if a little dated. But again, for the price it's perfectly adequate. Nice shower, decent towels. The staff are friendly, check in/out was simple and they are available 24/7.
We didn't have breakfast, so can't comment on that.
The only thing to be aware of is that the hotel is situated in what some might consider a slightly rough area. It's not, in my opinion, but I can see why others might think so if they're not used to city life. There is unfortunately the odd drunk about in the streets and a bit of a mess in the morning, but that's par for the course in what is a bustling and lively area of a large and vibrant city. We never ever felt unsafe, even arriving late at night. Munich is a safe city, just take the usual precautions.