The apartment is exactly as pictured and we enjoyed our stay in Madrid. We thought the location perfect as it was a short walk to the main square of the city and the main attractions were also very easy to get to.
Positive points - spotlessly clean when we arrived. Air-con, great tv with an English channel.
Things to be aware of - the street is quiet vibrant and there's a fair bit of noise late into the night.
Beds seem to be the weak point for apartments on airbnb (at least in this price range anyway) and unfortunately it's no different here. My wife and I found the bed very uncomfortable.
The lock to get into the building is difficult to master - be sure to be shown how to open the door when you check in.
Overall good value apartment in a great location.