A decent, non-luxury room in Waikiki averages at around $400/night so the fact that this is about a quarter of the price tells you all you need to know: great value but definitely rough around the edges.
Location is outstanding here, right in the heart of Waikiki. The building itself is a little old and some sketchy people hang around it at night but I never felt unsafe. No parking, so if you want free parking and don’t hit the jackpot by finding a spot on Ala Wai, then you’re looking at a 30 min walk from the nearest street parking. The room itself had an eclectic mix of flea market grabs which I actually found charming. The worst part of the room was the bedding, which definitely got me itchy at night. My partner and I had to switch to a hotel that last night because her allergies were going nuts, but mine weren’t so take that for what it is.
All told, If you’re a solo traveler or couple on a budget this could be a good fit. Just don’t expect too too much.