The Good: It is right in the middle of everything. Convenient to two metro stations, and walking distance to the Palace, the Opera, and Plaza Mejor. A restaurant and a convenience store right there. Many cafes and shops nearby which are quite charming.
The Less Good: It. Is. In. The. Middle. Of. Everything. There are two bars on the block that let out around 3 in the morning, so you have to deal with shouting. Nothing violent, just LOUD. Between that and jet lag I slept from 4AM to 2 in the afternoon, which is surprisingly chill.
Sooo if the plan is to get a cheap place in Madrid and then go and party all night, this is a good deal. If not, you may want to look into something quieter.