We stayed two days at Hotel Real Azteca (which is right next to the Mayan Museum). The hotel has rooms with two beds and an air-conditioner with one price if you choose air-conditioning and a lower price if they did not give you the remote control to the A/C.
We did not choose the hotel; we were with a group tour, and it had been chosen for us. I would only give it one star. It looked clean, but the sheets were paper thin, and there was a rubber underlay between my sheet and the mattress. But the shower was hot and they did give us toilet paper (joke).
Your daily lodgings include a breakfast of eggs, juice and coffee (perhaps we had other choices, but the cook did not speak English, so no matter what we ordered, we got scrambled eggs with ham, orange juice and coffee).
The hotel room was quite cheap - I don't know the exact price because it was included in the tour, but it was less than 200 pesos, and in fact the tour organizer gave us a partial refund of our fee.
Hotel Real Azteca has no presence on the web by the way -- at least not in 2006.
This was the cheapest place I could find, that had vacant rooms (the youth hostel is only half the price).
The room was nice and so was the hosts. I paid 60 pesos for a single room (year 2000-prices).
It is not located in the center, but it doesn't take long to walk to the center from the hotel.
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