I mean, you can't even buy a Wal-Mart RoadMaster Sudo-MTB for $50 bucks so I say you did well, might want to spend the extra $50 and have a good LBS do a "tune-up" on it to make sure componets are working and don't need "regreased". JMHO, ENJOY!
2011 Jamis Allegro 1: Weekend/Distance
1995 Research Dynamis Coyote Two: Utiity/Trailer Tugger
Take care, Ride Safe, have FUN!