So I am looking to buy a very very very cheap bike. (probably no more than 500) and there are a few 50cc/125cc bikes but Im not crazy about the pit bikes.
If you aren't interested in a chinese pitbike, you're looking at ~$1000 for a running/operable motorcycle.
You can find many bikes for $400-500, but you're going to need tires, cables, topend, etc...
It adds up really quickly, especially if it's a new bike to you, you'll find 100 things you want to fix.
Expect $1000 and be happy if you can get it for under that budget.
Looking at a 1999 cr80 that the seller says runs but it "Lost its compression." What does this mean? ... that says it needs a throttle cable. How much would this cost and how difficult would it be to install myself.
The low compression means the piston/rings minimum need attention/replacement.
A throttle or clutch cable is $20 and easily installed yourself.
Happy riding, and post up what you do finally decide to ride! -BIG DAN