The apartment is well located; bus and metro stops, small convenient stores and a few restaurants are literally outside the door. We even found a nice daycare near by to look after our 4 year old for a few hours every morning.
While in an older building, the apartment was renovated, modern and clean. The hosts also included a good amount of extra things - washer soap, kitchen condiments, bathroom necesites, etc. We barely had to buy anything.
My only complaint: the bathroom is a bit small for a 6 ft guy like myself. We also could hear kids playing outside till latish in the eventing , but this wasn't a problem as long as we closed the windows, which by the way were very good.
Lastly, Jesus and Irene were very good hosts; responsive and polite. If I were back in Madrid, I would stay here again. Excellent overall value.