Overall we really enjoyed Residenza Il Magnifico. The location was great for using public transport, as it was just between the Tiburtina Metro/Train station and Bologna Metro. From the airport we took the train to Tiburtina then walked the 4 or 5 blocks to the hotel. If you walk the other direction 4 or 5 blocks you will hit Bologna. The circle around Bologna has bars and restaurants, and a few nights we had drinks there where there were many younger people in their 20s hanging out in the park in the center of the circle. We enjoyed having late night options so close to the hotel.
The only minor issue we had with the room is that when we booked it said that we had a private external bathroom, but upon arrival we were told that we would be sharing the bathroom with another couple. This was never an issue, as the other couple seemed to be up earlier than us, but we were surprised to learn that the owners of the property believed that "private" is the same as "sharing with another couple." We tried to explain to them that we were told one thing and received something else, but they only spoke a little English and it was not a huge problem, so we dropped it.
Overall very convenient to public transportation, clean, with several convenience stores, restaurants, bars, and a gelato shop nearby.