I am the previous tenant and moving out, and am reposting the details for my previous landlords. There's no catch for the cheap price, the landlords are just an elderly couple who haven't raised the prices for a long time. However: there is no kitchen or laundry! There is a fridge and a microwave though.

From the owners:

We have a lovely room with a skylight and North-facing window, in our Midtown, Palo Alto home, 3 miles from campus The room is furnished with a bed, dresser, shelf unit, desk and chair. Full size refrigerator and microwave in the hall. High-speed wireless internet, Ethernet, TV connections and all utilities are included. The bathroom is shared with two male grad students. Note: no kitchen privileges or laundry.

The rental area is separate from the main house; the retired owners live in the front. No smoking, no pets on the property. We are quiet and respectful of each other's privacy. We are located in a quiet neighborhood in Midtown, within walking distance of coffee shops, cafes, restaurants, pharmacies, grocery, banks, etc.

Best way to contact the owners is using this website: https://www.places4students.com/schools/108/listings/properties/119173