I am mostly a mandolin/fiddle player. You tend to get a lot less for your money in mandolins relative to guitars. A $200 Yamaha guitar can be a fine guitar; there isn't much in the sub $200 mandolin market that is good. A Kentucky KM 150 is about $300 and makes a great first mandolin. I had a Eastman and it was a fine mandolin. Mandolin Orange plays an Eastman.
If you don't need the bluegrass tone, a Mid Missouri/Big Muddy can be found for less than $500 and could easily be a lifetime mandolin. I saw a guy play one on stage with Hank Williams III.
All that being said, this is the deal of the century, NFI, but a varnished KM 900 is a fantastic mandolin:
http://www.mandolincafe.com/ads/91375#91375