For less than that you can get a 2x48 and for a little more you can get a Grizzly for about $600 shipping included.
Here is a Dayton 2x42 for $202 free shipping from Zoro.
https://www.zoro.com/dayton-beltdisc...g&gclsrc=aw.ds
I bought the Dayton 2x48, but it was on sale for $228 when I bought it and now they sell it for $356, but that still includes free shipping for a 67 lb. machine.
https://www.zoro.com/dayton-belt-gri...n7/i/G2178741/
It is better than a Kalamazoo but it needs a modification to the platen which is 2 1/2" wide, but it will take a 2 1/2 x 48 belt as well as 2x48. I bolted a piece of 2" wide stainless onto the platen. It is built like a tank, doesn't vibrate, but the tracking adjustment needs an allen wrench, but it tracks straight with no wobble. Quiet too and has a totally enclosed fan cooled motor. TEFC, you need this on any metal grinder.
The Grizzly 2x72 is what a lot of makers start with. It is fast like the ones above, suited more for steel than wood, but if you're careful you can do wood and synthetics without burning them. It comes with a buffer arm too, which could be modified for a wheel or disc.
http://www.grizzly.com/products/Knif...campaign=zPage
So for the monetarily challenged the Dayton 2x42 is the best deal for $202 and Tru-Grit.com has a plethora of 2x42 belts. I use the Dayton 2x48, but never would have bought it for the price they have it at now, I would have went with the 2x42 because I am monetarily challenged as well.
I live in an apt. and have my grinders on a big heavy duty cart so I can take them outside. My Delta is a 1x42 with and 8" disc. It is slower and suited for doing the handles and such. The Dayton 2x48 is powerful and very fast for hogging steel. The 3/4 motor is powerful enough for it. So there you go, three of the most economical grinders you can buy. The Grizzly has some tracking issues that are easily fixed with some tape from what I hear.