I'd recommend buying new intermediate flute from my recent experiences with eBay flutes.
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I just bought Artley open holed flute (with probably silver head joint, if not even silver main tube and foot) for less than $100.
Now, it's a used one and it may require some servicing.
I also bought NEW Gemeinhardt M3 open hole (but only with C-foot) for less than $200.
Not bad for the well known intermediate flute. It is a nice instrument.
Compared to another one I bought, the Fake Yamaha 271 ($114), brand new Chinese open hole flute, I think they are better instrument.
And there are some more potentially good flutes for sale in eBay.
Having said that, one of the cheapest flute (and Chinese one) I bought is pretty nice and I like it. It's called "Berkley" and I paid only $31 + shipping.

Unbelievable !
It has engraved lip plate and covered hole model.
it has lovely sound. An excellent value for a BRAND NEW flute when just a new case may cost nearly that much.
It it breaks within a few months (although I don't think it would), I can throw it away and keep the case.