“Excellent hostel in an excellent location, just bring a padlock.”
We loved almost everything about this hostel. The rooms were great, the beds were comfy, our room (and I think all of them) had its own shower and toilet (separated WC and shower - brilliant), even a TV with CNN international in English. The rooms also have lockers, for which you must provide a padlock, But DON'T be a moron like me and go smoke a cigarette on the lovely, shaded patio or go out for a quick beer without locking up your valuables, even if you have a private room. It doesn't feel unsafe or seedy, but opportunistic thieves are around and seem to have easy access to rooms.
Some other nice aspects of the hostel: it's walking distance to Neumarkt, to trams 1 and 9, and a market that's open until midnight every day except Sunday (closed). There is wifi throughout and computers in the lobby. It's not free, but it's cheap enough. There is no kitchen, but there is a 24-hour bar and friendly people will caffeinate you or sell you beer. We didn't sign up for the inexpensive breakfast but did scope it out and it looks like it's worth it. There were even cold cuts.