Pedro's place was great for our group of three who didn't spend much time in the apartment itself. It's definitely a walkable location with easy access to Atocha, but it's not a particularly quaint neighborhood like some of the others we explored while in Madrid.
The shower head was broken while we were there; although I'm sure Pedro will fix this before the next guests arrive, it was annoying to deal with. The apartment had plenty of room for the three of us, but not a lot of natural light which would have been a bummer if we were actually there during the day.
All in all, a great value that worked great for us, but may not be perfect for everyone.