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But I'm afraid that finding a decent room to rent for 250 euros will be next to impossible in Madrid, unless you're willing to share a bedroom with another person.
Note that the search that Shawn conducted was done at the beginning of June, a time when many study abroad students are packing up or have already left. Shawn's Idealista search is a snapshot that is valid for this moment in time. There is no guarantee that there will be a similiar number of apartments at the same price point come the end of September.
I've also seen a number of Hostals recommended on the Canterbury site, like Hostal Leon - all for at most 20 euros a night. What could I expect from these?