This place has a great view of the lagoon, and its Friday night fireworks. The balcony is not completely private, but you can share the night lights with your neighbors.
The location is perfect to catch the bus, trolley, tour buses, etc. They pick up and drop off at the curb of the building by the flag poles.
Make use of the full kitchen to save cost on food. Also, look for Farmers markets (ei KCC Farmers Market on Saturday mornings, or other locations in Waikiki during the week) if you want fresh produce for cheap(er). The local corner store charges $5 for a head of lettuce.
Clean, and plenty of space to feel comfortable.
:)