Eduardo Y Raul's apartment on Calle Toledo was located perfectly for the type of holiday my wife and I were seeking. We wanted to be in the center of the action, but not feel like tourists all the time. Located a short five minute walk from the La Latina metro station, the Mercado de la Cebada, and a ten minute walk from the Cava Baja street, there are dozens if not hundreds of shops, taverns and bars within walking distance.
Unlike some of the other reviewers, we did not find the hot water capacity to be an issue. To be clear, you can't take a half-hour shower, but the bathroom is so small (not a bad thing, just reality in a big city), one showers to get clean rather than to luxuriate. My wife took showers at night, and I took them in the morning and we stayed clean and happy throughout our trip.
Also, we didn't find the apartment to be too noisy — EXCEPT on weekends. We weren't disturbed by neighbors, but did find ourselves surprised by the duration and volume of the weekend partying. On two consecutive Sunday nights/Monday mornings, there were loud groups of drunken revelers on the street directly below our apartment, and it felt like they were chanting, singing and stomping at the foot of our bed. If you can embrace this as part of the fun of being in a lively neighborhood, cheers! If not, you may want to avoid booking this apartment over the weekend.
Pro tip: if you arrive significantly earlier than your check-in time, you can drop your bags nearby and enjoy the city.
I recommend Luggage Hero (you can find them online). We dropped our bags a couple of streets away, and that allowed us to jump right into the fun.