I don't know how cheap you are looking for but Plaza Las Glorias definitely has a great location if you don't want to rent a car. Right downtown, grocery across the street, fridge in the room, nice pier for dive shop pickup, drinks are cold, beds are hard, rooms are clean but a bit musty smelling. Service leaves something to be desired but I would go back in a heartbeat. The plusses outweight the minuses by a mile. You might also try a rental house if you don't mind staying downtown. We stayed at a place called Casa Tina. We walked to the Plaza las Glorias and used all their facilities including the pier for pickup. If you have 3-6 divers its a real bargain. Good luck!