My boyfriend and I stayed at Chip's guest house for nine nights at the end of June.
Chip is a great host and was available for any questions we had and he had the house professionally cleaned just before we came in. It was spotless.
This is the best value for your dollar in LA. Period.

The house has everything you could ever need--down to the toaster and coffee maker.
When we left Chip was installing a washer and dryer as well as an enclosed patio. Beautiful!

Toluca Lake is very quiet and a reasonable jump off point to most LA tourist attractions.
Pro- quiet, con- maybe not as lively as some would hope for if you are looking for late night business.

Don't miss Porto's bakery and Poquito Mas.