This is the absolute best location you can ask for. It's extremely close to anywhere you want to see in Madrid. Walking distance everywhere, lots of restaurants and the metro nearby. The room we stayed in was extremely clean and communication was smooth. The host even gave us a few tips during our stay.
A few things to note. There are two bathrooms, one is much larger than the other and significantly more comfortable. Go for that one if it's not too busy. Also, we had the room that was private which was very nice and cozy, but to get there you have to walk through a room full of people which can be awkward if you're not used to it. But all in all a terrific value for the money.
Recommended.