Location is stupendous. Very quick walk to Kailua Beach Park, which might be the nicest beach I encountered during a month in Hawaii. Also, it's free, clean, equipped with showers and restrooms, and there's a nice local market and deli just outside the park. The small downtown area is walking distance and has everything you're likely to need (coffeeshop, grocery store, restaurants), though not a lot of night life.
The living space is self-contained, with its own entrance and bathroom, but the kitchen is limited to a mini-fridge and hotplate so plan ahead from a food perspective. The pool is wonderful and Margaret, the owner, is a joy. She walks the line between being a friendly host without being intrusive or overbearing expertly. The rental is quite a bit of money but if you look at the real estate prices in the area, that's not surprising.