This unit is very well situated near the heart of Madrid, just 4-5 blocks from Gran Via and less than a 10-15 minute walk to major sites. Despite its central location, it was surprisingly quiet (being on the top floor helps, as do good windows). You are still in the city center, so of course there is noise, but it was very tolerable. The location is excellent.
Ive been to many VRBOs, and this one is about average in terms of the amenities provided - kitchen (no oven), nice couch and TV, full-sized tables, an okay bed, very basic toiletries and supplies (though only one set of linens and towels). Like most rentals, you dont get much more than is advertised, but it was all adequate for our stay.
Only two caveats for this unit: (1) As other reviews and the property description note, it is five (really six, by American standards) flights of stairs with no elevator. The stairs are old, uneven, and steep. Be prepared (and in good shape!) to haul luggage up and down. Im in reasonable shape, and found that at the end of a day of walking around Madrid, the most exhausting physical challenge was the stairs. We got used to it, but if you have a bum knee, are elderly, or are out of shape, you should think twice about this one. I would still probably return due to the price and quality of the unit overall, however.
(2) No air conditioning. This was the first VRBO Ive stayed at without A/C (I was told that due to the age of the building AC wasnt allowed). For late fall, winter, and early spring travel, I dont imagine this will be a problem (there is heat in the form of electric radiators which, after a few hours, do warm the place nicely). However, if you are traveling in the summer, it will be an issue for some. We went in mid-September, right at the cusp of fall, so the first 4 days there were very hot and the last 4 rather chilly. We toured during the daytime and opened the windows to cool the place down in the evening, so it wasnt terrible, but I can imagine in August it might be a different story. We were told there was a fan in the unit, which was technically true, but it was no more than 8-12", the sort of thing you would put on your office desk, and not really adequate to the task (it also had a very dirty switch, making it nearly impossible to get it to stay on). If staying in the summer, ask if the fan has been replaced with something larger and in good working order.
Overall, a pleasant place to stay at a very good price given its location.