Staying at Pedro's place was an incredible experience. When we got to Madrid, he contacted us and told us one more time how to get from the Barajas Airport to his place. Once we got there, he gave us a warm welcome, showed us our room, the bathroom, the kitchen, and how everything worked.
The location of the building is perfect since you have a train and bus station right in front (#3 Metro-line which takes you to the heart of the city Sol, Callao, GranVia, Plaza España, Lavapies). My friend and I went out Friday and Saturday night and it was very easy to go back home even at 3 a.m. Also, if you don't feel like going to the center of Madrid, there are lots of local stores in that area where you can get everything you need.
In short, I would definitely go back and stay at Pedro's.