This Airbnb is well-situated to explore much of Madrid on foot. The Plaza de la Villa, right outside the building's door, is a tourist destination in itself. There is tourist traffic with frequent guided tours in the alley below so be aware. It's easy to get to the cathedral, royal palace, Plaza Mayor and many other sights from here. The Opera Metro stop is about five minutes away which opens up all of the city.
Aside from the location, the bed and bedding were very comfortable. There is some noise from the wooden main stairs (remember, the Spanish stay out late at night) so a noise app on your phone helps mask it.
The place could be cleaner, the bathroom in particular. Wifi was fast and steady. A small lamp in the living room would be welcome plus a place to hang your coat or umbrella as you come in the door. Paper towels or napkins plus a few condiments in the kitchen would be thoughtful additions.