Just 5 minutes from the metro, and 10 minutes from the limits of the old town. Bonus: if you are looking for a public pool or a gym, right in front of their place is a well equipped gym/pool where you can get individual access for a bit less than 4 Euros.
Luisa and her husband were the perfect hosts. They indicated all the important places in Valencia, and I had some very nice chats with them.
I'd absolutely recommend their place, and I'd stay there again, without a second of a doubt.
Thanks a lot!
- Andreas