This place is all about value and location. Pahoe is a fun, quirky little hawaiian village with a handful of great restaurants. One must absolutely go to Tin Shack cafe for breakfast, it's within walking distance and one of the best restaurants in Hawaii and the main reason I chose to stay in Pahoe. It is also has a lot of characters and can be a little noisy at all hours. That's part of it's charm, but be aware that Pahoe is more like an urban neighborhood than a tropical paradise. Staying here feels a lot more like being in a room at your friends place in The City rather than at a island beach resort. Which is not a complaint at all, just important to know what you're getting.
The price value is great for the house. It's a pretty big space, two comfortable beds, and a big kitchen. Note though that the furniture is all dated and the kitchen is equipped for drinks and simple eating, it would probaly be challenging to make a full dinner from scratch here. But, this is Pahoe, the point of staying here is to eat out at the great little restaurants anyway.
The situation on the island makes this a good home base for exploring the south east area of Hawaii. You're within an hour or less of the volcano, Puna coast, Hilo. In addition to the restaurants there's groceries, farmers markets, and other necessities all close by.