Yalıkavak is as Bodrum was several decades ago: small, friendly, relatively quiet and pleasant.
You don’t have to do a lot to enjoy Yalıkavak. Doing a lot is not the point.
You’ll want to spend some time at one of Yalıkavak’s beaches. Here they are.
Also, wander in the Çarşı (bazaar) at the town center, sit in a shady café or restaurant, walk through the waterfront park, and generally laze the day away.
Every Saturday morning from 10:00am to 16:00 (4pm), a Flea Market (2. El Eşya Pazarı) fills the central park with locals buying and selling everything from clothing through household appliances to aged electronics.
For excitement, take a minibus from the Otogar to Bodrum (30 minutes), or drive or taxi to a nearby town such as Gündoğan or Göltürkbükü to the east, or Gümüşlük or Turgutreis to the west and south.