As others have said, the hotel is a bit run-down (most notably the buckling carpets in the hallways). But I found the room to be clean, and that's all that mattered to me. The front desk staff were professional, competent and friendly - as were the cleaning staff. Towels changed daily. Water bottles provided daily. Bed linens changed daily IF requested. (I never did this, but you place the little "eco" card on the bed to request fresh bed linens.)
In terms of location, it's a bit out of the way, but the subway station is across the street and it's a 30-minute subway ride to most attractions in Seoul (ex. it's about a 40-minute subway ride to Insadong.) It's NOT a touristy neighbourhood. The lower price reflects that. So, there's a trade-off there.
I'm not familiar with the neighbourhood, but according to the elderly taxi driver who dropped me off at the hotel, it's a hip place that young people refer to as "Gu-Di" (short for "Guro Digital Complex"). The hotel is located slightly apart from the bustling night life, but should you want to venture into the restaurant district across the street for a late dinner, note that you will likely need to navigate said night life. During the day, it's a fairly nondescript sprawling, modern, white-collar neighbourhood.
Next time, I might consider staying at an apartment hotel that is 1) closer to tourist sites 2) equipped with a kitchen. However, Shilla Stay Guro was perfectly fine for my needs this trip.