>>1261311I think mid level 90s road bikes still represent the ultimate value and are widely available in good condition in many places.
6/7 speed. Indexed DT shifters. Aero brake levers. Maybe even dual pivot calipers. A cassette hub.
Aside from missing the lowest hill gears, with a nice set of tires & some clipless pedals, it's 90% as good as a modern road bike, for only a couple of hundred dollars.