Hostel Central is a great budget location to rest your head in Munich but don't expect a party atmosphere! As the name suggests it's about a two minute walk from the Hauptbahnfof station (from where you can get everywhere in Munich) and is surrounded by cheap places to eat. Despite the fair few numbers of strip clubs and casinos the area felt safe at all hours of the day.
We booked a triple room with shared bathroom and paid 22 euros each. In retrospect we could probably have got a cheap hotel room but Hostel Central really met our needs. The place was spotlessly clean and the beds were really comfortable. The shared bathroom didn't prove to be a problem as there really wasn't many people in the hostel when we visited. As a result the hostel was not noisy and you could get a good nights sleep. Free Internet was also a real nice touch.
On the negative side the locker in our room didn't lock. The staff were quite friendly however they couldn't provide us with an english map and had no idea where to go for a night out. They did warm up when we started to speak German to them though.