A wonderful place to go see Madrid! Everything is in walking distance, but the neighborhood of lavapies is just off the path enough to find great local restaurants without the tourist vibe and still be able to walk to city central. Marian and Juan Gabriel and excellent hosts and have great local tips on where to eat, etc.
A note to all AirBnB'ers who might not know. You can't really park anywhere in Madrid central without paying for parking... so leave the car home!