I found very affordable vacation homes in the coastal town of Loiza. Loiza is a town a little bit east of Isla Verde (where all the resorts are) and quite close to the airport. It is also pretty central to tourist attractions like the Rain Forest and Old San Juan. It is not a very touristy area yet, but it has been developed a lot in the last couple of years. This means you get all the amenities without paying the price. The town is located about 40 mins away from the Church and 30 minutes from the Reception Site. Check out the links below for vacation home listings.
http://www.cyberrentals.com/search/keywords:loiza
http://www.vacationrentals411.com/city/loiza_vacation_rentals.php3
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