So this place is close-ish to Atocha station (it's a long walk, a couple of metro stations away, or a short bus trip away). If you're travelling light you're well located to go anywhere within Spain and also can get to Barajas Airport easily. There are many shops, supermarkets and eateries nearby (much cheaper than in the touristy areas).
Manuel is very friendly, generous, easy going, great to talk to, so he will take good care of you.
My two issues with the place were that he forgot to give me a towel in my first night there and there are kids stomping and running around in the flat above so it can get noisy until they go to bed.
Also, something else to note, as Spaniards like to eat dinner late, if there are other Spanish guests they may be cooking/eating in the kitchen until 10pm.