I think if there was a perfect bike like this, we would all have one! The main factor as noted in the title is cost. But, are we talking cost new or Craigslist cost? I have a variety of great grab & go bikes, but some weren't cheap and some are better for different things then the others. Others have mentioned old treks, but old treks go for serious money these days so unless you just happened to have one or stumble on one it's probably not doable. Old Bridgestones? Same deal. For trips of less than 2 miles I typically grab one of a few cruisers/Klunkers in the stable. I don't really have anything else that qualifies as cheap although in relation to your average Rivendell most things are more economical. But, what would this mythical beast look like!? To me: early 90's, steel, 7 speed index thumb shifters, probably a mountain bike. I do have a old Raleigh Mountain Tour 650b mountain sort of hybrid that I envision being just what you described, but we will see how she turns out!? Indeed, I think Rivendells bring together a fairly unique set of specs & criteria that you are just not going to be able duplicate by buying anything else
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