This will be my first visit to Valencia, so I would love some thoughts from locals and folks who have visited before. We'll be staying two nights before taking the overnight ferry to Mallorca.
I'm looking at a couple different accommodations, one is very close to the Old Town and the Jardi del turi, the other is near El Cabanyal. We are interested in visiting both areas, but will definitely spend more time in the old town, however the accommodations in El Cabanyal are less than half the price of the more central spot and I suspect much more comfortable as well.
If we're using public transit or renting bikes is staying a little farther away from the middle of things going to be something we regret? In some cities it really makes a big difference, in other places not so much.
El Cabanyall is a really nice neighborhood; lots of small restaurants, plazas. It's a gentrifying area.
But it IS far from the center and I don't know about the bus routes as we took taxis when we were there last year.
Maybe the money you save on the apartment would pay for a few taxis; they are not at all expensive in Valencia, and easy to find. I'm thinking maybe 8 to 10 euro to go to the center from there but I'm not really sure about that...
My advice would be to stay in the old town even at a premium on lodging.
El Cabanyal is certainly an interesting neighborhood with some outstanding restaurants and coffee shops. But, it's underwhelming on scenery, architecture, and attractions compared to the center of the city. Remember that the old city of Valencia is a medieval city built on a river, there's no subway stops there. If you're getting public transit to the old city from El Cabanyal, you're going to take a bus/train for 15-20 minutes and then walk for 10-15 minutes.
If 80% + of what you want to see is in the old city, Gran Via and Rusafa, that's going to save a lot of time and help you make the most of your trip.
I recommend staying near the center. There is so much to see and to explore! Public transit is good and easy to use, but the center is where you will likely spend most of your time if you just have two days.