Great location in Princeville, and only a quick 10 min drive down to Hanalei. Nice, newer amenities and appliances for the days you get rained in as well. There's a couple semi-hidden lagoons you trek down to within a 2 minute's walk from the front door if you're okay with scrambling down a steep, muddy slope. The Queen's Bath parking lot is also just a block over.
Keep an eye on the rain forecast. When it pours down, the bridge into Hanalei can close down when the river height gets too high meaning you're either unable to get into Hanalei or can't get out if you're already there.
Kiluea is about 10-15 mins driving away, and Lihue Airport about 50 mins, but expect to hit some traffic near Kapaa (there's a bypass road if you're not stopping in Kapaa on the way).
All in all, our stay in Jeff & Shana's place was great, even despite seemingly relentless rain. The hot tub was always there for us.