Be ready to upgrade some parts. I bought a $350 shipped mid-drive bike this summer. Replaced seat, brake calipers, pedals, chain, freewheel, and derailleur. It's now a decent around town bike, but it's total costs is now around $500.
The problem with cheap bikes is that they are made out of cheap parts. Being an optimist, I believe you can make 'em decent enough, and you get some theft protection added in for free.