We stayed at Pension Bueno for 4 nights. Hot water and wifi were very consistent, which is always a plus. Location is great as we walked to all the major sights. From the airport, you can take the metro to Neuvos Ministeres and transfer to Tribunal. From Tribunal the Pension is just a 10 minute walk down the pedestrian only shopping street.
We chose a double room with shared bathroom and we never ran into anybody else the whole time we were there. Didn't have any problems with noise levels, air con worked well. Room was small but adequate.
Overall, there's nothing to complain about and I would definitely recommend Hostal Casa Beuno if you're looking for a cheap place to stay in Madrid. For 2 people, it's almost a better deal than paying 2 beds in a dorm.
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