This may be more west than you're looking for, but there are a couple of places west of the Hilton near the Bonzai Pipeline that we found. We stayed at <a href="http://backpackers-hawaii.com/" target="_blank">http://backpackers-hawaii.com/</A> They had a range of different types of accomodations from dorm type to having your own cabin, reasonable prices. We loved this place and every night there was an all you can eat feast for about $8pp (bbq chicken night, luau night, etc.), good food too. East of there was a place called Shark's Cove <a href="http://www.hostels.com/sharkscove/" target="_blank">http://www.hostels.com/sharkscove/</A> which is also a hostel with private cabins etc.
Also when finding these links came across this vacation rental: <a href="http://www.greatvacationhomes.com/rentals/4302.html" target="_blank">http://www.greatvacationhomes.com/rentals/4302.html</A> and this one: <a href="http://hawaii-scuba.com/accommodation.html" target="_blank">http://hawaii-scuba.com/accommodation.html</A>