When I was looking for an Airbnb in Madrid for my family (4 people total including myself) to stay at during the off season we ended up lucking out and securing this spot that is located minutes away walking distance from the central hub of Madrid! This place ended up being so close to everything (restaurants, pharmacy, food store, you name it) as well as the places we planned on visiting and best of all included a full bedroom (which has its own bathroom) for my parents and the smaller bedroom where my sister and I each took a twin bed. The laundry machine was also easy to use and was a great amenity to have since we visited Madrid at the latter half of our trip! Noise also wasn't really an issue even though buses, cars, and motorcycles came down the street. However when the balcony doors in the living room are shut basically no noise from outside came through which was great especially when it was time to wind down at night.
Some cons we did encounter during our stay was with some miscommunication with the hosts while checking-in prior to coming into the city. A timeframe was communicated about 1-2 days before but due to lack of service in the country with a U.S. cell phone and limited wifi access in public hubs and in the Atocha train station in Madrid I wasn't able to send over an updated message on my arrival. We were luckily let into the Airbnb by a friend of theirs about 10-15 minutes after the agreed-on time but we were on our toes for a bit since this was my first time booking outside of the U.S. for me and my entire family. The friend also spoke Spanish but with being an intermediate speaker and both my parents fluent this wasn't an issue for us. Overall I'd say that the pros outweigh the cons and would be sure to recommend this spot to anyone visiting Madrid and would also be very likely to re-book again.