While the home is definitely a little more "bohemian" than the photos would suggest... the rooms are in very good condition, and during summer it is a luxury to have access to an air conditioner.
The home is located on one of the most central "Plazas" of Madrid. While I personally didn't mind the noise, the neighbourhood can definitely be a little noisy through the night and it could take a little getting used to. On the plus side the home is within easy walking access to everything in Central Madrid. The feeling of living in the center of all of Madrid's culture and buzz.. is an experience like no other.