Located in the popular neighbourhood of Lavapiés, Miguel's flat is well situated in Madrid City Center. You've got a metro station nearby (Tirso de Molina), a lot of small shops where you can buy last minute goods or even fruits/vegetables. It's also pretty easy to go on foot to visit parts of Madrid. I did everything like that.
The only downside of Miguel's place is the lack of natural light due to how the windows are set.
I recommend his place.