If you're just looking for a place to crash, this place will probably work for you. It's not located in the "hip" part of Malasaña, but it's easy to get to via the metro and on foot.
The place was fairly clean and it was quiet, but the beds are hard and there are no curtains in the upstairs bedroom (we personally like to sleep late while on holiday). Also, the wifi did not work well (we had to stand in the hallway outside of the apartment just to get a weak signal).
The apartment was ok, but unless the price went down at least 30€ a night, we probably would not stay again.