The rating would have been higher if the price had been more affordable. We paid about USD130 per night for a beach front bungalow, which is not the average price we're used to for accommodation in Thailand. However it does seem like staying in Koh Lipe is more expensive than other parts of Thailand.
Wapi Resort has a great stretch of beach in front of it, on the best beach in Koh Lipe (Sunrise Beach). There's some pretty good snorkelling going on right in front of the resort, Wapi also provides provide free rental of snorkels and fins to their guests. Many friendly dogs wandering around the property, together with a tiny puppy. Its about a 10 min walk to Walking Street and convenient to get to anywhere around the tiny island. Breakfast at their restaurant comes with an amazing view of the sea. On a cloudless night, the view of the stars out on the beach was beautiful.
The room met our expectations and came with a great view, albeit partially blocked by the massage hut they have in front of our room. There was also a hot shower and aircon. The only thing is that they don't make up your rooms every day, so you have to request for it, if you require it. We stayed there 4 nights and they didn't step into our room once to housekeep or replace our bottled water, since we did not request for it.
French owner behind the counter is really helpful about places to go and where to go in Koh Lipe, how early you need to report for immigration clearance if you're departing to Langkawi. If there's one place I'd tell you not to go to in Koh Lipe, it'll would be Sunrise Beach. There isn't even a decent sunrise to catch there, the best sunrise would be on Pattaya Beach.