Looking for something just to get around town in. I'm 5'7" 170lbs and strong. Budget would be $700-$1,700. I'd only have it until like December so don't need a gem. I don't like crotch rockets or loud hogs that much. Something small and reasonable, I sort of like vintage things but don't like the repair costs of them..
Research points me to a Honda cb or a 80s universal Japanese motorcycle. I'm in Raleigh if anyone wants to CL browse.
In reply to Coldsnap:
Sounds like Triumph Bonneville territory to me.
Edit just saw the budget requirements, UJM it is. I am a fan of the Honda CB range from the early eighties.
Yea.. I'm afraid this area I live in is super hip to the Honda CB and prices have gone up.. I think? Theres a Honda CB under a tarp outside of my girlfriends house, dude owns in next door. Been sitting since I've known her. Wonder if he would sell it up on the cheap.
Have SV650 prices drifted down to 1700 yet? If you can find one, it's another option to a 550-750 UJM.
Also search on Nighthawk, they gave the CB750 a trendy name in the early 90s or so.
See if you can find a Honda Magna for that price. Good bikes.
There's a CX500 on your local CL right now (and there always will be). Offer $850 for this, fix the stupid exhaust, change oil and ride it forever. There's even a GL650 you could snag for $1200, needs more work but has a better motor. Great bike to learn on and tinker with, will never leave you stranded, and you can wash it and sell it for a profit.
CB650 for $400 is also interesting as a project. "not running" in Honda-speak usually means "plug wire loose" or "out of gas". I'd put another $400 into this, ride it and sell it for $1,200.
Oh man, I really like that last one for $400. I'd have to bring it to a mechanic though. I sold all my tools, everything, when I moved into an apartment.
Holy balls! All my favorite bikes of the late 70's and early 80's have gone crazy expensive!
I bet a used Enduro or dual-sport might get ya on 2-wheels for very little money. Maybe something like a Honda XL or XR, Suzuki PE or TS, would avoid the nostalgia tax but still check your boxes.
Huge Huge bonus points awarded if you can find a Hodaka Road-Toad. Like I may move in next door and wash it/tune it every day type of bonus points 
I was going to suggest a dual sport, too.
If you want a project:
http://raleigh.craigslist.org/mcy/5448113403.html
I'd consider a dual sport. Since the vintage are so popular, it would be sort of cool to cruise around town in one..
I've got a '91 Nighthawk 750 gathering dust that could use a new home. It's a great starter bike that also makes a good commuter.
Find a decentish class A motorhome for sale nearby you for 4-6k and I could even deliver! 
Bang for buck, Ninja 500
One thing to consider with the 70's and 80's UJM's is they are hitting 30-40 years old.
That said, I have an '83 GS650G sitting in my yard. It was parked about 20 years ago the second time the charging system died. I kinda want to restore it.
Keep in mind that free/cheap bikes are among the more expensive motorcycles to buy! Many (but not all) motorcycle "projects" and mechanic specials will nickel and dime you to death.
In my opinion, get something like this Suzuki dual sport:
https://winstonsalem.craigslist.org/mcy/5396647123.html
Anything else of a similar class/vintage could be great also! Suzuki DR, Yamaha XT, Honda XR, Kawasaki KLR...250cc-400cc is great around town. 650cc might cost a bit more, is a bit heavier, but also has more grunt. The low weight, low power, supple suspension, and short gearing mean that they are fun and capable on all surfaces, including around town, and super, super easy on gas. Resale on a plated dual sport should be decent when it comes time to sell. Not a great bike for long-distance highway rides or two-up riding, but potentially rugged, reliable, and a great around-town and commute bike. Should work on the highway in a pinch, and will be way more fun around city surface streets than a higher-strung sport bike.
What ^he said about "free" and "cheap" bikes. The nickels and dimes come in denominations of $5 $10 and $20, rather than $20 $50 and $100+ with cars, but it still adds up. I had three "false starts" (i.e. cheap bikes that turned into soul sucking money pits) before I ended up with one that could actually be registered and ridden reliably on the road.
I'd basically look to buy on two factors: condition and parts availability. If this is your first bike, its gonna be a blast no matter what and you're probably not going to care about things like minute differences in handling geometry or the difference between a twin and a four in power delivery. You're just going to want to ride and hone your skills there, so buy whatever maximizes the riding time and minimizes the downtime.
I'd generally stick to the 80s and newer, older stuff is cool but constantly fiddling with points and stuff gets tiresome. Plus, an old CB is going to beg you to be torn down to the frame and rebuilt as a cafe racer/scrambler/street tracker/ect. Any UJM or 4 stroke dual sport from that time period should do, and the Kawi Ex500 and Suzuki GS500 are good ones too. Fewer cylinders means fewer carb rebuild kits to buy and a much easier time getting them off and on.
Coldsnap wrote: Oh man, I really like that last one for $400. I'd have to bring it to a mechanic though. I sold all my tools, everything, when I moved into an apartment.
Old Hondas came with a tool kit under the seat. It's small, but usually has enough to fix just about anything on the bike. If, of course, it's still there.
CB650s were only made for a few years, so they can harder to find parts for than a 550 or 750.
My first bike was a Huffy. That's probably a good start.
XLR99 wrote: Have SV650 prices drifted down to 1700 yet? If you can find one, it's another option to a 550-750 UJM. Also search on Nighthawk, they gave the CB750 a trendy name in the early 90s or so.
Bought my '05 SV650 with 31k miles for $1800, sold it for $1500 10k miles later. Mine was pretty ugly aesthetically, but ran fine.
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