stay away from bikes with turkey levers (those old school brake extension levers) and stem shifters.
not to say there aren't nice bikes out there with this stuff, but as a general rule of thumb, stay away.
for $200, your best value is likely to be found in a mid to late 80s japanese bike. centurion, nishiki, etc. there are quite a few people that love these bikes, so if you need info, don't hesitate to ask.
the thing about craigslist is that if you're taking the time to ask about a bike here, you're probably gonna miss the deal.