Hey flyer101, Park Island is a good place to live but for commuting not so good as the ferries and buses don't start very early. Also, it would help if you could tell me the price range in which you are looking to rent a house.
Check out these few places and do go to them and have a look around.
1. Tin Shui Wai- Transport to almost everywhere, during the day and even overnight. Try looking into Locwood Court as thats the nearest to the train station.
2. Mei Foo- Also another great place to be as there are mini-buses and buses overnight.
3. Gold Coast- This place is very expat friendly and there are shuttle buses going to the airport daily from here. Although there is no train station nearby, so you'll often have to rely on buses or mini-buses.
4. Hung Hom- Right next to the center of the city and a lot cheaper than most other nearby alternatives such as Tsim Sha Tsui etc. Overnight buses and train station nearby, it used to take me 15 mins to walk from Hung Hom to Tsim Sha Tsui.
Hope this helps, if you let me know what further preferences you choose then I could help you out more. Cheers!