Stayed at the Terrace Inn in Feb for 2 nights.
Very well located for access to Miami and South Beach.
The Metrorail is a 5-minute walk to the University stop ($1.25 exact change). Change at Government Center for the Metromover (free service that loops around Downtown Miami and to the Brickell and Omni business districts).
You can use the Metromover and change at Omni for a C or K Metrobus ($1.25) to South beach (Ocean Drive).
Shopping is well located also. Dadelands Mall is 2 stops from University and Sunset Place Mall (South Miami) is 5 minutes walking distance from the hotel (including a Sunday arts and crafts market).
The hotel itself is basic. Rooms are quite big, en-suite with cable TV. It's what you would expect from budget accommodation.
Would stay there again - for the price paid.