It depends where you're looking...I think north of Calle de Atocha is more comfortable; I have a friend on Amor de Dios and it's excellent. I looked at a place just south of the 24 hr pharmacy, and some wacko guy to "hold us up" with a bb gun, telling us that we were going to have to give him a euro, it was so weird. We didn't feel threatened, just really bizarre. Then the street with the apt (which was awesome) didn't have any lights on at all, so we figured I'll look somewhere else.
Good luck!
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"Injustice anywhere is a threat to justice everywhere."