Since I've been looking for a similar "deal" for about the last 30-45 days...I don't think you are going to find such, even on a refurbished laptop.
And, one thing that some seem to forget...you are going to pay for warranty/maintenance protection...which is probably not included in your estimated selling price.
The problem I have with refurbed laptops is...a 90-day warranty is just about tantamount to nothing. i might consider one of those with a 1-year (to expect more is not sane) warranty.
There are only 2 kinds of laptops which I've seen which even come close to your price point...netbooks and smaller netbooks/eee pcs.http://www.pricewatch.com/notebooks/
I have a problem seeing any use for a computer whereby I cannot install the O/S, programs, play/record music from disc, etc, so netbooks are too limited for me.