Nassau local Edward Humes started this, the first backpacker hostel in town, in 2017 and it's a godsend to budget travelers. The older-style house is in a quiet neighborhood about a 20-minute walk to downtown or Paradise Island. With a single communal lounge, kitchen, two dorms (non-air-con) and two private rooms, it's cozy, sociable and excellent value.
It's secure and well-run, and there's a small garden and laundry out back. If it's full, Edward has a couple of other budget properties he can direct you to (or you can book online).