Pros: The location of this place is ideal and has access to most parts of central Madrid where everything is happening. The metro stop is very close. You can take the metro all the way from the airport to this place with one change of train midway. The host is a nice and helpful person but expect that you might have limited communication if you don’t speak Spanish. That is common in Spain though. My flight got canceled and through airbnb I requested to move the arrival date to three days later with a penalty fee. The host accepted the request.
Cons: If you are allergic to the smell of cooking food(strong greasy smell), this place might not be the most comfortable because when the flatmate(or the host) cooks food(especially meat), the smell stays for hours and hours later. The room I stayed was in the back of the apartment with a small window above the door to the living room. It could be cold in the winter since the heating system isn’t simple to work or effectively warming the room. Ask the host about the flatmate because the rooms she rents are next to each other and are not noise insulated.