Yes, I've stayed there a couple of times before.
Building is old though, but like you said, the price is cheap.
It's located very near Dobutsuenmae subway station.
It's about 7mins walk away from ShinImamiya station, where you can take the Nankai Airport Rapid train to Kansai Airport (890yen if you take the regular train, or you can top up additional 500yen to take the Ltd Exp slightly faster and with reserved seat version)
The neighbourhood is not fantastic though. But there are quite a few convenience stores nearby.
I usually opt for the tatami room option, rather than the western option with bed. Because I would have more space on the floor to open up my luggage.
Room is clean, although sometimes you might get some weird smell in the mini-fridge depending on your luck.
See some pics of the Hotel here:
Go Away, Sam...: Japan (Sep 2012) Day 2: Osaka