Is their a cheap RTF?
I'd like to echo what Crashem said. I think you will be able to find a plane RTF in that price range from a club member. Like the post above states, remember all of the support equipment.
I bought a trainer (used) for $100. It did not include a radio. Then a little later, I bought a Stik (not a good trainer) with a radio RTF for $180. I even test flew it that day.
Ask around. There are guys at our club that have 30+ planes sitting in the garage.
Mike