I stayed at the lowest of the Al- Faris hotel apartments which is Al Faris 1. It is the lowest in terms of pricing but it is also the lowest in terms of facilities and service(NO service)
The location is unfriendly for the traveller as you cannot get a cab out of the lanes and normally have to walk all the way to the main street. If you are checking out its best to book a cab in advance else you would be stranded for nearly an hour.
The only advantage to this hotel is its proximity to the wholesale computer market (just round the corner) and the Abra (ferry service to Deira) Not recommended for family with kids. If you are a solo business traveler it is reasonably priced (bargaining needed) as it is managed by Indians but expect only a place to crash in the night. Not even drinking water is provided. I checked in at midnight only to realize there is no drinking water provided. Tired from the journey I chose to sleep thirsty.
Lots of walking required to get around. There is a carrefour with usually good deals.
Recommended only if you plan on staying a few weeks and have to save costs.

A couple of weeks ago I was in Dubai and stayed at the Alfraris Hotel 1 Studio Apartments in Dubai. (They have 2 others with 1 and 2 bed apartment - see their website).

It was 350AED per day and they knocked off the 10% tax.

I stayed there as a referral from a friend because I was having trouble finding a suitable safe and cheap place to stay.

Its basic, clean and very safe. Its in the heart of Bur Dubai with a taxi rank near Carrefour (2 mins walk). The Creek is 2 mins walk and and you catch a little boat for 1 AED to the other side if you want to go to the Gold Souk.

1 min walk to local grocery stores so you can get your milk, bread, etc,

The staff are friendly and the room was clean (although quite basic).

UK plugs so you dont need a travel plug. Cupboard had a safe and ironing board too.

Housekeeping come to your room everyday to clean it and change towels. If anything is not working, such as kitchen fan for example, staff are quick to resolve problem.

There are at least 3 banks, one of which is HSBC. (Others: Bank of Baroda / Emirates Bank).

I also recommend, Bahari Restaurant nearby for Indian Food. The one called Karachi Darbar was crap. There is also a KFC, Pizza place and loads and loads of elecronic goods shops!!!!

A 20 second walk and you will see Astoria Hotel where if you want an alcoholic drink you can get one. Peninsula hotel, Sea Shell Inn and Ambassador were also walking distance if you cant live without alcohol.

Meena Bizarre close by also.