I've been looking at the Kent LaJolla (LaHOYa) at Wallyworld.
Pros: fairly decent aluminum frame, nice welds, fairly high bottom bracket, good steering geometry, European bottom bracket, KT coaster brake hub.
Cons: crap headset, crappy bottom bracket bearings and cups, crappy steel front hub, steel cranks.
This I can work with. I'd probably ride it as is and then eventually throw a fixie crank and bottom bracket into it.
Then I would probably upgrade the front hub to something sealed bearing. I've got a White Industries front hub that would work. Upgrade the seatpost when the right size came up on the List of Craig, maybe seat too.
Headset would be a mail order item.
Eventually I'd change the bars and neck. Craigslist item.
So pretty much another hundred dollars or so to make it decent.
Kent LaJolla at Walmart