what are some of the best hotels in Rome that are both inexpensive and located near the center of attractions or at least near metro stations?

i should add that we are a party of 2 persons, age 22

"Inexpensive" means different things to different people. What's your budget?

less than $200 USD a night

ttt

If a B&B would serve - look at www.apartment-saint-peters.com - it's near the Vatican

I highly recommend Daphne Inn Veneto -- very clean and stylish rooms, great location, and a wonderful, wonderful staff. They provide you with an Italian cell phone during your stay which is a nice touch. They also have a 2nd location, Daphne Inn Trevi, but I haven't been inside this.

They also offer a 10% discount for paying in cash.

Constant - on the site for this B&B it says shared bathroom - does this mean you share it with others - or is it private for your room?

We are staying at the Rersidenza Canali ai Coronari at Piazza Navona. We are paying $185 a night. That's our rate for paying cash.
Check it out:
www.residenzacanali.com
It was receommended to us by another Fodorite.

Ooops, I mean 185 euro a night.

Not $185
185 euro now equals about $240 USD
It brings a tear to my eye.

Yes - I too remember the good ol' days when $300 went so far in Europe...