I stayed at the Hotel Fahri for one night as part of a group tour. The Fahri is not awful, but you could do better for the price. I stayed at four hotels in Istanbul and two of them (Hotel Adora and Hotel Olympiat) were much better than the Fahri. (The worst was Boutique Hotel Dedem.)
The Fahri is shabby and so is the street it is on and much of the surrounding area. The hotel is close to the train station--in fact I could see the trains stopped in the station from my window! The lobby was recently renovated and nice, which seems the case with most Turkish hotels. So often the rooms do not match the lobby, and that is the case with the Fahri.
My room was a decent size, but one of the others in the group had a 7 x 10 foot room with a single bed. That room did not have a window. My bathroom lacked a bathmat, which all the other hotels provided.
On the plus side, the staff was friendly and helpful. At the front desk are safety-deposit lockers that guests can use. The location is good, very close to the Spice Bazaar (don’t miss it) and the area where the Bosphorus cruise boats depart. A tram station that goes by the main sites is nearby.More