There's not much in this world that's as dismal as a cheap 12-string. Even normally trustworthy manufacturers produce some genuine crap in the cheap 12-string category. I picked up an inexpensive Yamaha 12-string awhile back that should be used as a form of punishment, not offered for sale.
That having been said, all is not hopeless in the cheap 12-string market. I played a Seagull S12 with a cedar top awhile back that was pretty affordable and played very nicely. A quick fingerpicking run through the intro to "Hotel California" and I was grinning. I've also played a Fender CD140-12 that wasn't too bad, though given the choice, I'd take the Seagull.
If you can't play one first, at least try to find someone who owns one and get an opinion, ask whether they strum, flatpick, fingerpick, etc., and try to fill in as much info as you can. I own two Epiphones from their Masterbilt series, and I love them, but I've also played Epiphones from their cheaper lines that were hate at first sight. Good luck!
Here's one review that I found:
Epiphone DR212 Review
He likes it, but he's already had it into a service center. Hmmm...
Sugar Bear
