Yalikavak
Yalikavak lies 20 kilometers from Bodrum on the northwest shore of the Bodrum peninsula, and is accessed by a main road from Otakent in the center of the peninsula. Yalikavak suffers somewhat from a lack of good facilities and poor swimming conditions, but has a pleasant pedestrianized commercial district which surrounds an old windmill in the center of town. Since the main district is pedestrianized, you'll find it difficult to access by car, so as you come into Yalikavak it's a good idea to park near the otogar (bus station) and walk into town.
While Yalikavak may lack good beaches, it provides beautiful views of the Aegean sea, and excellent restaurants which serve seafood at a price lower than you'll probably find elsewhere on the Bodrum peninsula.