I'll fill you in with a little bit of background information before i get to my question. I am an avid road cyclist averaging above 4000 miles a year. And i'm also a college student. I have a Specialized Allez Elite that I use for road riding. But, it's hard to commute with since I have look keo pedals on them and its hard to roll up at the grocery store sporting my full cycling apparel and and walk in to buy a few apples and go back home. What I am thinking of doing is buying a used commuter bike. I have been looking on ebay and craigslist for the past few weeks and everything that is any good is either to small or the poster never returns my call/email. My other alternative is to get a used frame and build it up myself. I know a few people in my neighborhood who have a few frames that i'm interested in. My price limit on a frame right now is about $150 max. What would it cost to build it up?
This bike wouldn't be logging the miles that my Allez does. Just to the grocery store and around campus and stuff. I don't know hardly anything about choosing the components. We have a bike shop on campus and i can use tools and everything so the actual building is no problem. And the wheels are probably what i'm most concerned about. Would i have to go and spend $500 on a set of wheels? And if i'm going to put a bunch of money into this bike i would want it to last. I might also consider making it into a fixie or singlespeed since i'm on a budget.
Also, do you have any recommendations on good frames?