The three-pearl, family-run Merovigliosso Apartments offers a good value in the Imerovigli part of Santorini. Low rates set it apart from steeply priced competitors, although bargain prices here mean compromising on not-quite-perfect views. Vistas are still great from some of the hotel's seven rooms and apartments, where decor is either cozy or chic, and excellent amenities include flat-screen TVs, kitchenettes, and furnished outdoor spaces. Don't expect huge pools or heart-stopping views here, but sunsets are beautiful from a quaint terrace with a plunge pool, and terrace or in-room breakfasts are free. Caldera views and features are more impressive at the Andromeda Villas, but prices are higher.

Prekas Apartment is one of the best values on the caldera in Imerovigli. Nine cave-style rooms with Aegean Sea and Skaros Rock views cost a fraction of what they do in neighboring villages of Fira (about a 20-minute walk) and Oia (about a 20-minute drive). Imerovigli Village itself is one of the quieter caldera villages, but it has a handful of souvenir shops and Greek restaurants. Though the rooms are spotless and come with kitchens or kitchenettes, they could use a style infusion, or at least some new bedding. Perks include a small outdoor plunge pool, continental breakfast delivered to rooms (for a fee), and a helpful front desk staff. Note that there are lots of stairs to navigate to reach the front desk, pool, and some rooms. As an alternative, the Heliotopos Hotel is more chic and includes a hot and cold breakfast buffet in the rates. 

The three-pearl Andromeda Villas is a simple hotel with decent features, though the star of the show is the location. Situated on the edge of Imerovigli, it's away from the busier tourist resorts on the caldera, but still has stunning sea views. The 48 rooms have a basic, bright look, and all feature sea-facing terraces, some with outdoor hot tubs. Its main pool is larger than other hotels nearby, and a new spa is opening for the 2017 season. Seasonal, Greek fare is available by the pool and in the restaurant. Elevator access is a plus and not common for Santorini, though the hotel still has steps throughout the grounds. Travelers looking for similar features but a more intimate experience could consider the Hotel Ira instead, which is in Firostefani.