Check out the K-31. SGN ran an article on them a month ago, and they sell for about $125 or less. The thing I like most about mine is that it is already broken in AND well taken care of. No rust, but the stock has lots of little dings (character).
On the bad side, 480 rounds of ammo will set you back more than you pay for the rifle, but the metal-reinforced cardboard speed loaders work better than stripper clips for everything else I've tried.
My brother shot mine two days ago and now he wants one and can't stop talking about it.
I also have one of the $65 Mosin-Nagant M44s, and although it is a nice little gun for the money, it is nowhere as smooth as the K-31.
Although my M48 Mauser was out of that price range, before buying it I did some research and some guy did a comparison between the different Mausers available. He included the Turkish one dispite its relatively low price after initially ruling it out, thinking it was at too great a disadvantage compared to the more expensive ones. It held its own. I apologize, I can't find the link.