My family, including a 1, 5, and 7-year old, and a brother and sister-in-law recently shared a condo here.
The first condo we were offered was outrageous: decor from the 70s (and not in a groovy way), an air conditioning unit in the living room so loud it sounded like an airplane taking off, and if it was on, you couldn't hear the tv at its loudest; one of the bed mattresses was broken and caved in on one side, no a/c in either bedroom and the bedroom ceiling fans had two settings: "off" and "barely moving." Wish I'd gotten the owner's name or room # so I could include it, but we didn't stay long enough for that. Apparently, our travel agent said we wanted an ocean-view room (we saw a faint strip of blue between warehouses). Don't request ocean view here.
At our request, the staff moved us to another 2-bed, 2-bath condo (b-14) which was far more updated (think, early 1990s - laminate countertop, vinyl flooring, berber carpet, and hallelujah, newer a/c units in living room and both bedrooms). Grossly mismatched furniture was serviceable.
The owner inhabitants above us were very nice, but LOUD, especially from 5:30 a.m. on, which I suppose is when they get up to go to work, get ready for school, etc.
This is an older but fairly clean place. The housekeeping staff was very nice and polite. It works great if it's just a home base between trips to the beach, hiking, etc., My sister stayed there several times and apparently, this is where locals put their visiting relatives up for vacations, so that should tell you it's affordable, but don't expect "resort" or even "timeshare" conditions.
Just a few asides: my credit card key had to be reprogrammed 3 times during our 10-day stay, which was inconvenient, especially when it wasn't discovered until office hours were over. Also, cell-phone reception can be lousy here, depending on your carrier, and don't use the room phone - even local calls will cost $1.50 (I think) per call. Finally, on our last day I noticed a spot on the carpet I assumed my kids had made, so I cleaned it very carefully. Shouldn't have; the rest of the carpet was black in comparison afterwards. I'm not usually a germ freak, but that was pretty bad.
Moral of the story: families with kids on budget will probably benefit from these older units since you don't really worry about damaging anything, and the location is central with pleasant extras (a/c is not standard on the island). But if you can swing the extra $60-100/night, stay somewhere else.