Great location. The view from your window of the canal and of Diamond Head crater is better in person even compared to the pictures. Appliances are older but that is the tradeoff for lower listing price. You are right next to a Biki bike location and it made it easy to bike around the city. There are Biki bike locations everywhere in Waikiki. The host is very responsive and wants to make sure you have a good stay.
On the last two days of my stay, there was a loud construction and/or drilling noise coming from the nearby canal. It was a big distraction, honestly, but stopped right before I left for the airport. Might just be temporary. I didn't include this in my rating (gave a 5), but I'd be remiss if I didn't mention it for future travelers.