I bought a NEF Handi-Rifle for a beater a few years ago. It's a 223. It'll outshoot my Rem 223 any day of the week.

It was $169 when I bought it, they're still under $200 new here. Throw a decent scope on it, have the trigger lightened and find the right ammo. You'll shoot groups under an inch all day, and for around $300, scope and all.