My husband and I stayed at Aguara House for 3 nights in a double room (with an extra single bed, actually) for 120 pesos per night, which seems to be pretty good value for a private room with an ensuite bathroom in Argentina and especially Puerto Iguazu.

We got a room with a shared balcony facing the main road (Cordoba Ave) but it was never too noisy. The extra space for drying wet clothes (getting wet is inevitable after a visit to the falls) came in handy. The room and bathroom were basic, but everything worked fine - the air-conditioning, the TV, the WiFi. Housekeeping service is on a daily frequency. Breakfast is simple (buns, jams, cornflakes and beverages) but adequate. The place is always quiet (it's not a party hostel, that's for sure.)

2 winning aspects of this hostel:

(1) Location. Aguara House is located 2 blocks from the bus terminal, both of which are on Cordoba Ave. Along the same road, just a further past the bus terminal is the Brazilian Consulate. There is a supermarket just around the corner from the hostel. Right next door on the left (if you stand facing the hostel) is a small restaurant which serves good set meals for 30 pesos in decent servings and with great service. You can also walk for 20 minutes along an easy flat path along Avenida Tres Frontiers to a lookout point over 2 rivers, where the borders of Paraguay, Brazil and Argentina meet. You can board the local bus that goes to the falls just outside the abovementioned supermarket.

(2) Service. The staff at the reception were ALWAYS friendly and always ready to help with tour bookings and directions. They always greeted us with a smile when we went out in the morning, and when we returned from the day's activities.

Recommended if you are looking for a simple, clean hostel near the bus terminal.