First off, the location is great. You're only a few minutes walk from almost everything in central Madrid (though a big of a walk from the Paseo del Prado, luckily there's a metro stop around the corner). Keep in mind, with the central location in a major tourist destination that also has a late nightlife scene, it will be noisy outside. That should always be a consideration when booking a place in a tourist center.
However, we did not have a good stay at this place. We could hear neighbor's conversations through the bathroom vent and the kitchen vent at night. There was water damage on the bathroom ceiling. The bedroom only had bright curtains so we could not sleep in in the morning if we wanted to since it was sunny. Somehow the sink is burned? The showerhead would not stay in its holder with the water running.
It felt like the owner does not review their place in person too often.