My wife and I just returned from Panama and stay in this rental house. It’s in a nice neighborhood. The house is comfortable, but the real feature is the oceanfront patio and view. We had a great time hanging out in the hammock and eating breakfast while listening to the waves come in. We were there in October and the water was not calm at all, so there was no possibility of snorkeling. Plus it's very rocky along that part of the coast.
The property managers, Dawn & Rey were great. They were very friendly and helped us with directions, recommendations for places to eat in town. They also worked with our schedule for getting checked in and out of the house.
There were only a few minor issues. The air conditioning was only working in the master bedroom, which was fine for us since there was only two of us. And, the hot water sometimes took a very long time (15 min) to heat up.
In general though, I would recommend this as one of the nicer places you can stay in Portobelo.