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@rpm
if you're interested in learning how to build and maintain bikes, and aquiring a set of tools along the way then building an old, cheap frame up is an excellent way to learn.
I started with beaters for road fixed, but then I'd been doing all my own mtb and bmx stuff for years.
It also depends on how serious your riding is, if it's commuting and errands then anything will do, really. If you want to go on long rides at weekends, hills and potholes can certainly sort the wheat from the chaff when it comes to your components so you may want something better.
If you don't see yourself getting your hands dirty often, then the £300 OTP FTW HTFU INNIT