This apartment is EXACTLY what you should expect for the price. Great location IF you want to walk. It is centrally located and about 20-30 minutes to all the major sites, at most, and closer to others.
If you would rather take the metro around, we found it just didn't sync up. It ends up being the same time to take the metro vs walk to Atocha station, or the royal palace, etc. So the location is awesome, if you are used to or ok with walking everywhere. This is not a negative at all, just want to share our experience.
The hot water lasted long enough to take a shower, and the heater works great and keeps it toasty warm. The old style percolator for coffee was a nice touch.
Last thing to mention, yeah definitely quite a few stairs in a narrow spiral staircase up to apartment. Again, no issue for a young couple but if you don't fancy the thought of carrying your bags up a few flights, it's not for you.
100% great value for the money, and glad we stayed there.