In this paper, we consider the problem of multi-centralized Cooperative Localization (CL) under severe communication constraints, i.e., when each robot can communicate only a single bit per real-valued (analog) measurement. Existing approaches, such as those based on the Sign-of-Innovation Kalman filter (SOI-KF) and its variants, require each robot to process quantized versions of both its local (i.e., recorded by its own sensors) and remote (i.e., collected by other robots) measurements. This results in suboptimal performance since each robot has to discard information that is available in its own analog measurements. To address this limitation, we introduce a novel hybrid estimation scheme that enables each robot to process both quantized (from remote sensors) and analog (from its own sensors) measurements. Specifically, we first present the hybrid (H)-SOI-KF, a direct extension of the SOI-KF, for processing both types of measurements. Secondly, we introduce the modified (M)H-SOI-KF, that uses an asymmetric encoding/decoding scheme to incorporate additional information during quantization (based on the hybrid estimates locally available to each robot), resulting in substantial accuracy improvement. Lastly, we present extensive simulations which demonstrate that both hybrid estimators not only outperform the SOI-KF, but also achieve accuracy comparable to that of the standard (analog) centralized Kalman filter.