We stayed at the Vila Toca in October.
We got the airport bus to the bottom of the street for €8 return. Just get off at the stop for the Savoy Palace and walk approx 200 meters up the hill .
The location was perfect as it is in between the hotel district and the Old Town with many bars and restaurants nearby.
Our room was number 20 and it overlooked the pool. The bed was huge the studio felt really spacious.
The bathroom was also big and roomy.
We ate in 1 night on our balcony as the kitchenette had all needed cooking utensils, microwave and a fridge. Its a lovely spot to sit and have coffee in the morning too from your balcony watching the sun.
Bruno the manager is available via watsapp and happy to give advice etc.
We did not have a veichle but the bus routes and frequent service in Funchal is so so good, you can get anywhwere easily and cheap.
The pool here is not heated but small so by the afternoon, it is warm enough for a dip on a sunny day. You can sit in the garden or patio or in communal room to read if in need of some shade.
All in all, very good value and great location.
Tip- Check out the little bar in backstreet under tower block. €3 for 2 drinks and watch football with the locals!