Another vote for the Diamondback Insight RS. I bought mine two springs ago on sale through Performance for $199. Came with fenders and a rear rack. Mine came with SRAM deraileurs. I'm sure they're on the low end, but I've never had to adjust them and that includes when I first unboxed the bike. Also even though the frame is aluminum, it rides as smooth as my two steel bikes.

Even at $299 this bike is a value.