It's indeed centrally located, about 15-20 minutes from Gran Via, 6 minutes from the Lidl on the Tirso de Molina square (go there, prices are really low, such as 2 liter cola for 47 cents), you can find a Subway station there too. Some reviewers write about loud people at night, but most nights it was quiet, even though we had the room next to the street. When we did hear something, we used 3M party earplugs from Action (a chain of shops found all over Europe), because it filters out the high tones, while you can still hear your alarm etc. Like other guests we didn't use the subway, but walked everywhere. It's quite a lot of uphill/downhill in the neighborhood, so you need to adjust a little on the first few days. Maria is a kind, warm-hearted host, who gave us some really good tips, like the Rentiro Park and the Playa de Madrid Río, which is a free park with water fountains for kids to play with. My 10y old daughter loved it, also because the 40 degrees dry heat was difficult to deal with without a little cooling water now and then. We went there 4 times in our week in Madrid, which says enough I think, haha. Yeah, high temperatures, but it was doable, even though there wasn't air-conditioning in the apartment.