Great place if you like dive bars with live local bands. Sure it's in an iffy part of town. I know there's a rule of thumb that you just don't go past that new "East Fremont" section of downtown. I think Bunkhouse is a reason to stray from that conventional wisdom.
The building itself is surprisingly nice looking from the outside. There is plenty of convenient parking across the road. I'm not sure if there's normally a cover, but we were there last night for the Three Square benefit. It was free to get in with a canned food item (though they weren't actually checking that).
Drink prices weren't super cheap, but nowhere near crazy-strip-expensive. The bartender made me some strong drinks, so I got some pretty good ROI. Also, you never have to wait long to get a drink. That's always a plus.