I took the bus from Mandalay at about 7pm and reached Nyaung Shwe at 3am. I was impressed that the bus driver dropped me directly in front of the Hardword Lodge and was even more impressed that the staff was waiting outside the hostel for my arrival. The Hardword Lodge is an old building but worth the stay. Highly recommended!

I would suggest that you take the share boat trip to Inle lake. It is 6,000 Ks per person.