My gut says no, but you might be able to snag an older model and/or a used one at slightly more than that.
Fredmiranda.com is a great place to buy used pro gear, which includes more basic models like yours (most of us start out with consumer level gear). I have purchased most of my equipment on there from their buy n sell forum, including my three most expensive items.
What types of pics do you want to take with it? Landscapes, parties, vacations? Outdoor sports? Indoor ones?
Are you going to be adding lenses to your collection over time or were you just trying to buy a cheap slr camera instead of a premium point n shoot?
Also consider the convenience. I rarely take my slr to anything besides family holidays because it is bulky and expensive. I usually take my limited but decent point n shoot because I can stuff it in my pocket.
You can get incredible deals in that field if you do not need interchangeable lenses or long zooms.
very overated: megapixels.
Mine has 8 and can make huge prints. You can even get away with slightly less, but nothing above that is necessary for amateurs or even pros that work in fields besides fashion/wedding/portraiture. I am largely a candid photographer (sports, events, random other stuff) and I do not crave more megapixels.
Not essential: hd video. Will likely put you way out of your price range anyway, and many point n shoots take decent vidro, especially when mounted on a tripod.
Very important: the sensor. Today's entry level dslrs have come along way, greatly reducing the noise (aka pixelation or speckling) in high iso shots (like at night or indoors). Some point n shoots now do a lot better indoors, but are no comparison to entry level dslrs, which in turn are behind prosumer dslrs, and those are behind pro gear. That comes down to the quality and size of the sensor that captures the light. Cell phone pics still stink, even with big megapixels, because the physical box capturing the image is too small. As you move up in cameras, that sensor size increases and so does the image quality indoors.
Note: I am speaking about similar aged models. My pro dslr is multiple years old so there are now some entry level cameras with much better technology for handling high iso noise levels. Still, nothing short of the newest pro model can focus in indoor sports as well as mine.
Nice feature: manual controls. Pretty standard on most dslrs, but have become prevalent on many point n shoot cameras too. If your camera can shoot at a low enough f stop, meaning it lets in plenty of natural light, sometimes it is better to shoot without a flash. Or if you want to do some hdr photography, you need to be able to take a regular photo and then take the same one with it manually overexposed and underexposed by a certain amount.
If you do not need lenses, I might consider a really nice point n shoot over a dslr.
