The place looks to have been just renovated - everything is new, still with the smell of new fixtures and appliances. Nicely decorated, with rustic walls and ceilings. Air-condition is also a big plus against Madrid's summer heat.
It's centrally located in the city for the main tourist attractions (museums, royal palace) and is within 20 mins walking distance for all of them. It's also 20 mins away from the Atocha train station.
The neighborhood is more local than touristy, which can be a plus for people who want to experience how it'd be to really live in Madrid.
Communicating with host Davinia was easy, she was very friendly and check-in was seamless. I suggest to keep sending messages while you're on your way, updating with more accuracy what time you'll be arriving at the place.
Overall, I enjoyed this place and would recommend it, especially if you're on a budget and want a more local experience.