We found the apartment to be well well located just outside the historical center. The neighbourhood is beautiful and there are coffe places and bakerys nearby. The apartment itself is nice but it in February it was cold. There is only one wall radiator and two mobile ones. My father and sister stayed in the bed rooms without windows and did not mind temperature too much. I stayed in the bedroom with a window and it was not really pleasent. As that room had a window against the street it was a times also quite noisy.. You should definitely bring ear plugs! I figure the apartment is better during the warm part of the year.
However, Malaga is a great place to visit even in February: sunny during the day and plenty of tasty food and fun bars! Among other things, I strongly recomend Mercado central!