I stayed last week at the Hotel Aurora on the last night of my trip, and was very pleasantly surprised. I did not do too much investigating before booking the hotel but I doubt you could do much better for this price, location and level of comfort in Milan.
I walked from the Central Station with a light bag and reached the hotel on the Corso Buenos Aires in about 15-20 minutes. The hotel is reached by walking into a large courtyard from the street, where there are other businesses, and then going up to the first floor. My room was en-suite, clean, with a comfortable bed and small but decent bathroom. The manager was a friendly and helpful guy, and you can use the hotel's computer in the lobby for free.
There's no breakfast in the hotel but there are several good cafes for a morning coffee and croissant within one block of the hotel, and the Porto Venezia metro station is just a very short walk away. One could also easily walk to the Duomo and La Scala and Brera areas from the hotel without even using public transport.
I was very pleasantly surprised by the Aurora, and would stay there again when visiting Milan.