How cheap of a bike have you been able to put together?

[Veloo]

Seeing some Redline road frames and Kona MTB frames (no forks) going for $100 ($CAD) at the bike show last weekend had me tempted and wondering how cheap of a bike I could put together as a beater/ rainy day ride.

How cheap of a ride have you been able to put together? If you can recall the price of the parts you originally paid, use that but indicate age and usage.

I'm curious if I could get something out the door for under $250. I know that's ambitious.