This hostel is called Hostel Israel on many other booking websites. Nowhere in the hostel did I ever see the name TripAdvisor has for this address. That is something to be mindful of one wants to book online.
The hotel is clean and was not rowdy or crazy. My group and I had three rooms and all of us were relatively happy with the hostel. This was my first hostel I had ever stayed in so I was wary. That fear turned out to be ridiculous. The hostel is clean and safe. I had a comfortable double bed in an extremely clean room. There is no eating or drinking in the rooms, but I was told a bottle would be okay. Internet was not terribly fast, but it never dropped out. The shared bathrooms were cleaner than I expected, though I still feel semi uncomfortable about taking showers in semi-public places.
The bathrooms closest to the rooms we stayed had no toilet paper. I don't--think--this is common, but it was a bit ridiculous. There were paper towels outside of the toilets that ended up having to suffice.
There was no television or any other amenities besides internet and the common areas, including a microwave. There were some fairly comfortable couches that it was a pleasure to sit and drink beer and wine in. They were not selling any alcohol (or any water, or anything), though they had about 100 cases of Spy wine cooler in one of the back rooms. We had to walk two blocks to a 24 hour store. There are a few tables to bring in food and eat if you wish.
Noise was never an issue, and I slept with the windows open. Many of the inhabitants returned to the hostel after two, but they were not noisy, or if they were I didn't end up hearing them.
The biggest problem came when checking out. The price was much higher than expected. Our group booked each room (private double rooms) for 6200 forint (27 USD, 21 Euro) and the bill for each room ended up being 8000 forint (36 USD, 28 Euro). The person in our group who checked us out did not make a fuss about it; TripAdvisor readers can be more wary about it. I had another Hungarian hotel try to pull this same thing on me (higher rate+taxes) until I showed them my online booking showing the rate which included taxes. Be wary here.
The hostel is located close to metros (Budapest is an easy city to get around in). It is located one block up from the House of Terror and a 5/10 minute walk from nice shops and restaurants.
One final note: there are for sale signs all over the windows (elado). This may not be Hostel Israel much longer, though whatever is located at this address will be quite nice.