There are many hotels like what you describe. Cheap is subjective to each person.
I just checked on asiarooms.com, They have the Siam Beverly Hotel for USD 29 per night. Across the street is the Emerald Hotel, a 4 star hotel at USD 57 per night for a single person occupancy. Down the road from Emerald Hotel is the Palazzo Hotel at USD 40 per night. All are 5 minutes or less walking distance from the subway.
Ratchadapisek Road is a main highway in and out of Bangkok downtown. Which is why the subway runs along it. Lots of restaurants and in that area is the Huay Khwang Night Market, lots of stalls and restaurants maybe a block away. I have stayed at the Emerald Hotel, Grand Mercure Fortune Hotel, Palazzo Hotel and Chao Phaya Park Hotel in the past. I tried booking the Siam Beverly Hotel recently but, they were sold out for the time I wanted. I like the area cause the air is cleaner unlike sukhumvit and I am close to alot of things.
If you want something cheaper, then you are getting to the gray area of not sure it's clean. You would find those in the Chinatown/Khao San area. There are only taxi access from this area. There is nothing under USD 20 per night near the skytrain nor subway.
Again you can check www.asiarooms.com or www.sawadee.com for comparison.
Good luck
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