Traveling in England and Ireland previously, I have stayed primarily in B&Bs, but would consider a small hotel in Paris. I think The Latin Quarter would be a good location for us. As usual, we are traveling on a tight budget and any tips would be greatly appreciated.
Hotel Cluny Sorbonne is a lovely small hotel - when I stayed in 2012 it was 92 euros per night for a double room. No a/c but in April that should be okay. Hotel St Pierre is another recommendation in that area, and there are several others around there. Both are near the RER B for transport to CDG if you are flying, with lots of metro and bus stops nearby.
As for budget tips - we grabbed a croissant and coffee for breakfast, supplemented with yogurt and fruit from the local Monoprix (like a mini Target here in the US, sells beauty supplies, clothing, and downstairs has groceries). We got crepes, premade sandwiches or salads from Monoprix or a sidewalk shop for lunch, and had a sit down meal at a cafe for dinner. If you are traveling with anyone under 18, they will get in to most museums free. Add up the cost of the museums you want to visit and check that against the cost of the Paris Museum Pass, which also saves lots of time as you skip many lines.
And most of all, have a great trip!