There is no better place in Madrid than in the heart of the city. Walking distance to everything, and only minutes to major museums.
Elvira is a wonderful host, an exceptional resource of knowledge for any traveler and has a strong foundation of English for non-spanish speaking adventurers.
Her home is magical, exactly as described and the warming personality is second to none. I've already booked another stay with her the following month upon my return and recommend this spot with immense pleasure.