You could go for a used (Kindle PW, Nook or Kobo) having front-lit screens with a cover thrown in. These will be in well within your budget.
I got a used Nook Simple Touch with a cover for $30 on craigslist. With an additional 16GB micro-SD card on it, I could comfortably side-load much more EPUB e-books than I ever needed. EPUB books are freely available on the public domain.
I feel an e-book reader with EPUB file format should be more suitable for you. Ask your friend to look for one on craigslist.
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