Sin City hostel was a nice one to stay in. Its very close to the strip which makes it handy.
It costs as low as $11 on weekdays and around $15 on weekends. There is free breakfast in the mornings which makes it a pretty sweet deal. There are young men and women who stay in the same rooms which is kind of cool. As would be expected, it is not a quiet place to stay since it is a hostel. You can also hear cars driving by or whatever might be going on outside due to thin walls, so bring earplugs or wear something to block out the noise.
My concern would be that it might attract homeless people due to its low price. Such places reserve the right to refuse service to anyone they want for whatever reason, so hopefully they would turn down the bums.