Does anyone make a decent looking waterproof jacket that doesn't cost an absurd amount.
Everything I come across has a hefty hipster tax built into it , I don't need a 200 dollar windbreaker, but would like something that looks decent.

Cannondale Pack Me Jacket - Cycling Outerwear / Raingear

If you're looking for something that's waterproof, and not just water repellent, then you can usually expect to pay a wee bit more. Here are a couple of options from Bontrager that I like (I have the commuting stormshell myself):

Bontrager: Commuting Stormshell (Model #09219)
Bontrager: Packable Stormshell (Model #09387)

Not always true, I have one of these for commuting and I love it.
Amazon.com: Dare2b Men's Rotation Jacket: Sports & Outdoors

I wear this (in this color), from Showers Pass, I'm a regular commuter so I need waterproof not just water repellant.

I'm really liking this. I think I'm gonna go ahead and grab one at that price.
Do they run fairly true to size versus what you normally wear? I don't like loose clothes when I'm riding.

Slightly oversized, I got a large and I don't regret it I can strap on a tiny backpack or take my document tube under it but nothing more.

I have this but mine came with a hood, it looks like this one does. Mine might be a little different but it's very similar. Pearl Izumi Select Barrier Jacket > Apparel > Jackets and Vests > Men's Jackets | Jenson USA Online Bike Shop

I sweat too much for jackets to be much help so rain resistant works for me. In really heavy rain I either suffer or wear my MG (sports car).

Hah! I wear a Miata when the weather gets too nasty to ride.

I wore this jacket as a daily bike commuter when I lived in Portland. +1 on this post, I would recommend it.

cheap, waterproof, breathable

chose 2

Viable options with a hood or is that a no-no for cycling jackets?

No it's possible, my pearl izumi came with a removable hood that's held on by 2 buttons.