Great location, just steps from one of the best beaches in Hawaii. A larger house in front prevents an unobstructed ocean view, but you can still see water around the sides. A very generous snack gift basket was provided. The beds are new and incredibly comfortable. Some stuff needed repairing when we arrived (running toilet, broken ceiling fan, etc.) but the caretaker was right on it.
The town of Kailua (not really walkable from the cottage) isn't anything special after having been taken over by corporate interests -- it's all Starbucks and Target and Jamba Juice -- but it's worth being in Kailua for the long gentle beach.
Trivia note: this place is two doors down from the house Obama stayed in when he was President-elect.