Unless you absolutely can't afford any more I would try to scrape more than 50 bucks together for a bike, a 50 buck bike will be likely cheap heavy and falling apart, therefore you will not use it that much, spend a couple of hundred and get yourself something you will enjoy riding and will keep and take care of.
I would tend to look for a road bike, maybe an older Miele or the like, you can have a bike shop put striaght bars on it if you like.
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