Two of my guitar students have $150 Fender acoustics and they are surprisingly nice for $150. Fender makes some very nice inexpensive guitars. The action is very good and they sound quite good as well. The $150 model is not electric, I think the acoustic/electric models start at $300. Definitely add Fender to your list to check out.
Another student got an Epiphone for around the same price I think (maybe a little less) and it was complete
JUNK! The action was terrible and it developed a split in the neck not long after he got it. He ended up returning it and got an electric.
-tkr