Bike - $60 from BikeStation (which I'm now finding out was a total rip-off)
Primer, Spray & Sandpaper - $20
Wheelset - $120 on ebay
Dad who knows what he's doing - Priceless.

I wound up buying some extra stuff (new saddle, different tires, new handlebars) but basically the whole effort could have cost me less than $200.