100 to 150$ won't get you far I am afraid.
I started to set up a second hifi system at home recently. It is a budget system in the basement. I recently got my uncles old 70's turn table. I renovated it and put on a new cartridge. JohnnyB guided me to the Grado Gold, which I bought. It's an excellent cartridge in the 200 dollar range.
Then I plugged the turntable in to my old Sansui receiver. It didn't sound so good. :-( The old built in phono stages of the early 70's aren't even close to what a modern phono stage has to offer. So, after looking at phono stages in the budget segment of 200-300 dollars I decided to upgrade to a used Linn Wakonda pre-amp with a built in phono stage. This unit plays a hell of a lot better than a separate 200 dollar phono stage, and I paid 200 dollars for the used Wakonda. It was a bargain.
I had the Wakonda connected to the old Sansui reciver using the receiver as a power amp only. It sounded so much better than with the old Sansui's built in phono stage. But still I was not 100% happy. So I sold the old Sansui for about 150 bucks, and bought a used Linn LK85 power amp for 250$. Now we are talking!
I have a great stereophile budget stereo system now. I had the turntable for free. But I have bought a new drive belt, new RCA contacts and a new pick up for the vinyl player. A new pre amp and a new power amp, and new cables for the whole system. I bought everything used exept for the drive belt and pickup. And I probably have about 570 dollars in to this system now. I got the turntable for free and I am using a pair of decent speaker that I bought in the 90's. I'll probably sell them later though, and buy a pair of better speakers.
The record player is important, so is the cartridge. But I'd say that if you, like me, will listen mostly to rock, pop and other types of modern music then the phono stage is where it matters the most. It does not matter how expensive the record player and stylus is, if the phono stage is not up to pair. It's the phono stage that is the most vital unit for sending a decent signal in to the pre/power amp of your system.
Get a Rolls Belari VP129, a Dynavox TPR-2, a Rega Phono MMII or a Rega phono mini A2D which also has USB. Spend more on the phono stage than on the cartridge, that is my advice.
Personally I'd look for a late 70's early 80's Japanese turntable and buy a new belt and a new cartridge/needle for it. I think that is where you will get most bang for the buck. The old Japanese stuff mostly held high qualty, but can still be found for reasonable prices.
Here is an old Sansui SR 222. Sansui made this modell for many many years. They are known for their quailty:
http://www.ebay.com/itm/Vintage-Sansui-SR-222-Belt-Drive-Stereo-Turntable-Record-Player-/291304251318?pt=LH_DefaultDomain_0&hash=item43d3161fb6
Old Yamaha's can be found for next to nothing. They were built with high quality. Here is a direct drive. For under 80 bucks it is a steal:
http://www.ebay.com/itm/Yamaha-YP-B4-Turntable-33rpm-45rpm-/291395774763?pt=LH_DefaultDomain_0&hash=item43d88aa92b
Here is the same machine, fully serviced for 330:
http://www.ebay.com/itm/Yamaha-YP-B4-with-Shure-M91E-Fully-Serviced-/121581900455?pt=LH_DefaultDomain_0&hash=item1c4ed892a7
A Yamaha CS50P, which is similar to my budget record player that is built by Yamaha, can be had for under a 100 dollars. These are really great record players. Just ad a new belt and a new needle.
The
Yamaha YP-500 or Yamaha YP700-701 are also REALY great players that can be found for under a 100 bucks, if you are lucky.
Old Marantz players can usually also be had at decent prices.