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First time in Paris -- staying in 20th arrondissement?

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My boyfriend and I are staying in Paris for 7 nights from June 18-25 after travelling for 3 weeks in Italy, Nice and Amsterdam. We found a great hotel near Nation Station for 60$ CAD a night (rated 4/5 based on tripadvisor reviews). We are on a tight budget (we are 23 year old students) and couldn't believe it when we found this deal.
I know this location isn't exactly central so I am wondering how convenient it will be to travel to the main tourist destinations in Paris from here. How long can we expect to be spending on the metro everyday, and how much will it cost?
What do you think about staying in this area?

Thanks so much for any advice!!

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