This is a great location. Literally a 2 minute walk to Plaza Mayor and 4 minutes to the the Mercado San Miguel. We were also advised by our host that for a flat 30 euro rate we could catch a taxi from the airport. An easy way to access the location. Also public transportation is a 2 minute walk from the front door.
The home has an older charm to it being in the center of Madrid. Very quiet even being directly across from the church, once you closed the windows you didn't hear anything from the church bells or people.
Very conventine to have a small store next door for some water or late night snacks as well.