There are a number of things this place does extremely well and several it does not do well.
Pros:
You cannot beat the view, especially the sunsets. We stayed for a week and each sunset was a 10/10. You will also be able to see sea turtles and surfers from your really spacious balcony daily. If you do surf, it couldn't be a better setup, go down stairs and paddle out from the rocks for a regular, clean, pretty gentle break. The location within Kona is nice. You are a little over two miles to the main strip and can take the Kona Trolley for $2 a ride to be in town within 5 minutes. There is a stove top, oven, washer/dryer and two full bathrooms all of which make things nice to create a homey setup.
Cons:
This place is old, the appliances are old, the doors stick (and in some cases have been removed), at least one light bulb is likely to go out during your stay, the fridge light is wonky too. The floors have seen a lot of visitors and there seems to a be a fine layer of "use" that remains on the top no matter how much you try to mop or wipe them down. There is no A/C but there are a lot of ceiling fans.
Overall - I think its a solid deal for the money but just be aware of what you are getting - an awesome balcony/view with beach access not too far from the main drag while sacrificing a lot of "newer"/less used appliances/flooring/electrical/etc.