A beginner with a handy friend could have a pretty sweet setup for under $300 with this as well:
http://austin.craigslist.org/msg/2218169143.html
I gigged with a bass just like that one when I first moved down here, until the nut broke, haven't gotten around to fixing it though.
For another $300 (not the greatest deal), you could pick this up as well:
http://austin.craigslist.org/msg/2218223639.html