The location is not the best with regard to where most of the activities are. You are about 7 blocks from Duval Street (main drag) and then about 9 blocks from where the sunset celebration is held every night, Mallory Square. Here is a map to better explain the location. You are about at White and Pine. http://keywest.com/newbigmap.gif
You will be doing A LOT of walking by staying there or you will need some type of transportation like bikes or scooters. You could also use a car but parking will be next to impossible that weekend and if you find any it will be expensive. Lots will be about $20 a day and meters are 15 minutes for .25. I would try to choose something closer to town if I were you. I would also be very skeptical of a place that doesn't have very descriptive pics.