The apartment is strategically located in Chueca, a few minutes from three different subway stations. If you want to visit the center of Madrid, it's perfect. The pictures represent the apartment correctly. However, the apartment needs some maintenance: several doors of the kitchen are tilted; most importantly, there's a lightweight but persistent smell of sewage (that you will notice only entering the apartment tho—you get used immediately); and finally, all valves regulating the heating system are broken and stuck in a fixed position (even an intervention from the maintenance could not fix that).
This is in stark contrast with the exacting conditions required by the host—a company. This is an unfortunate and disturbing trend on Airbnb. I received a check-out message two days before departure claiming that an "excess of garbage" (not better defined) would have implied a €60 fine—and that would include food left in the fridge. Considering the hefty €35 cleaning fee, and the state of the apartment, I think the apartment is definitely overpriced (overall, in my case, €100 per night).