My first town house was in Tat Chee Avenue, Kowloon Tong, about 5 minutes walk from Festival walk and the MTR/KCR.. Good times.
Back then, from memory, the cheaper places that school teachers who were working ar AIS etc, were all living around Broadcast drive, near RTHK.. Not sure if you can still get affordable places to rent there, but it used to be the cheaper end of KTong, back In the day.
Like what has been mentioned, you're a short 15-20 min walk from the Argyle Centre, Mong Kok too. It gets pretty humid in HK, so I dare say walking in work clothes or groceries on the way home, can be a bit shiz.
I liked the area, as being near bars never interested me, but it was also easy enough to take the MTR a few stops to Choi Hung, then the 1a mini bus to Sai Kung, for a bit of spacious nature.
If you work in KTong, I would strongly advise to try and either live in KTong, Broadcast drive etc or Cox's road Jordan near the Kowloon Cricket Club...
You should be able to find something nearish to your budget. closish to Kimberly road/Knutsford Terrace, where lots of western style restos and bars etc are located.
Hope that helps you a little.