I recently spent 2 nights at Andy & Ellen's cottage. The cottage was clean, cozy and quiet, and designed in a fun, funky Austin style. It's tucked into a neighborhood, but not far from major routes.
Andy & Ellen are good hosts: very friendly and welcoming; accessible (the cottage is behind their house), but not intrusive. They answered my questions before and during my visit.
They've prepared a reference notebook with great suggestions for places to eat and things to do.
I borrowed one of their bikes, and found the area easy to cycle for an experienced traffic rider. Bonus: there's a (mostly) off-road trail that leads all the way to Town Lake.
I was surprised how well-stocked the kitchen and fridge were. There was fruit, juice, bottled water and breakfast items.
I recommend staying here if you want someplace away from downtown, but not too far out. If you're a cyclist, it's a no-brainier.