Budget accommodations in Papeete are almost impossible to find. We were lucky enough to reserve 3 nights at a pension which was highly recommended in the new Lonely Planet. We paid $60 US per night – a steal in Papeete. The room was good – a little small, but very clean. The shower was shared (although he does offer private bathroom at a higher price). The German owner is a bit of a funny guy, but he was always prompt, picking us up at the airport always on time (transfer costs only $15 for a 10 minute drive, but this is a steal for Tahiti). As Papeete was our main transit point, we were often connecting at odd times of the night – and he was always there, even at 1am, to pick us up.
The hotel is about a 20 minute walk from the water, and about 40 miuntes from "Les Roulottes".