Three days covers Madrid at one big museum per day
Or two city days and Toledo, 33 minutes by high-speed train
Day 1: old Madrid, lunch in La Latina, sunset at the Templo de Debod
Day 2: the Prado for the morning, Retiro Park in the afternoon
Day 3: the Thyssen, then Guernica in its free evening window
On a Sunday, put old Madrid and La Latina after the Rastro
In July and August, keep the museums for the afternoon heat