This is what I did more or less... only for alot less than $250... Frame for $40 (kept the existing bottom bracket), wheelset $90, chain ring, crankset, bars, brake, pedals, chain... all for free fifty free.
Recently upgraded to a set of continental gatorskin tires, which are super super nice. I had been rolling a set of used tires and getting mad flats until I made that move...
Also no longer using that fucking u-lock mount... shit rattled like hell.