It's about a 15 minute walk to the beach and is perfect for 1-2 people to stay in. It's worth the price if you're on a budget or if you want to spend more money on other things while you're in Waikiki. The A/C made the heat bearable during the time I was there. The room was clean and tidy. Lots of sun facing the room too! My sister and I had enough space to store our carry-ons and checked luggage in the room.
The only problems I had with the room was that birds like to hang out near the windows so don't leave them wide open for too long. The shower curtain in the bathroom feels like it doesn't cover the entire tub.
It's in the same building as Cream Pot and Maleko Coffee - both of which are good food places. Go there if you can and try out the swimming pool too. Across the street is the Waikiki Brewing Company (good drinks there) and a 7/11 (pretty meh). It's also a 5 min walk to the bus stop.