Older reviews talk about a host family, which appears to have changed now. During my stay it was an unstaffed property. That's common in Reykjavik, but it created a few problems.
Upon arrival you walk in the unlocked door and check for your name on a whiteboard. My name wasn't there, so I phoned the property number. They were efficient and offered me a better room by way of apology. I then had a phone call from the property at midnight, which woke me up. I missed it so phoned back, apparently it was a mistake. Next day I got an email, which was checkin instructions for another resident. I just ignored it.
The next day I had another call, double checking which room I was in. So all in all, organisation was pretty poor, although the people I spoke to were pleasant.
Otherwise this is excellently located, central and in a nice area, with free parking (rare).
My room was in the Garden House, which is a two floor structure on the building's side. Unlike the main building it is wooden framed with corrugated metal, which means it creeks terribly when people walk around. That meant I didn't get great sleep. The room however was nicely furnished and very clean.
Overall, the property was good value, but there is a need for things to become a bit better organised.