The space is small but worked for my husband and I. We stayed in central Madrid our first few days in traveling, then we traveled to Málaga, and then ended our time in Spain here. We mainly booked because it was about a ten minute drive from the airport as opposed to half an hour like our first spot. This place is located in a quiet neighborhood away from most of the tourism, which we really enjoyed after staying in two very touristy spots before this one. Metro and bus are very close by as well. The studio is across the hall from their apartment but they gave us plenty privacy. Overall very gracious hosts. Beds are comfortable, too.
A few things for future guests that are completely out of the hosts control but should be noted:
If you are a light sleeper or are easily disturbed by noise, bring earplugs or noise cancelling headphones. In the studio you can hear what most of the neighbors are up to and you can hear loud noises from the bathroom occasionally.
Additionally, there are also not a ton of decent restaurants or anything spectacular to do or see in this neighborhood that is within walking distance. There are, however, great supermarkets nearby if you are planning on cooking for yourself rather than eating out during your stay.