VRBO is awesome.
Check this out: Studio Near Diamond Head
Looks nice, good price. Ok this location is near/on the edge of Waikiki, but also across from Kapiolani Park and Diamond Head. You can literally walk out your door and within a 10 minute walk have about 25 good breaks to choose from. Koa Board Sports is also walking distance where you can rent good quality boards for decent prices, ranging from shortboards to logs. A consideration in this locale is parking however. Can be $$ unless a dedicated spot comes with your rental.
Also, other south shore neighborhoods on VRBO are only going to be a ten to fifteen minute drive to most south shore breaks.
Other suggestion would be more sleepy part of the North Shore as mentioned previously, like Waialua or Mokuleia.