Hey, check out bike swaps. Older road bikes (70's & 80's) have eyelets for fenders and racks, and are still quite light. The steel can be spread to accomodate the wider axles for todays many cog rear ends, but I still run 2x5 speed on my 88 Bianchi strada as my primary commuter. I bought mine for $40 at a bike swap in Fredericton in 2005, I'm still riding it, having replaced both wheels, tires twice, the bar tape once, and a bunch of tubes. Pretty cheap to run. I may replace the chain and freewheel this year (~$40)
Fenders cost me $40 at MEC, rack was $10 off Kijiji.

If you're commuting, a rack and fenders trump just about everything else. If you're riding 50km by yourself, an 80's road bike is fine (look for indexed shifting on the rear - I find it's worth a lot to me). If you're with a group, it might be worth it to get something with some more ratio options or newer, depending on your fitness and vanity.