Definitely in the budget category is Playa Hermosa Inn Bed-and-Breakfast. (Not to be confused with the somewhat more expensive Hotel Playa Hermosa, reached via the first entrance to the village.)
This small inn is right on the beach and has eight rooms. The one we were shown opened onto the terrace where breakfast--included, of course--is served. The room was clean but run-down. The bathroom needed some repairs, the refrigerator in the kitchen was showing its age, and I'm not sure the air-conditioner stuck in the window actually worked. However, if all you're looking for is a place to flop for the night, you could do worse. And you can watch the beach from the terrace while you have breakfast and plan your day.
The grounds are larger than those at El Velero, but they are not very well-kept. There is a small pool, but it looked like it hadn't been cleaned in a while. The place is not as enticing as the pictures on its website would have you believe.
The staff member who showed us the room was friendly but shy about her lack of English. The owners also run the Aqua Sport store, restaurant, and fishing and snorkelling outfitters farther along the beach.