The old "pick 2 " dilemma - you can get a new, entry-level nitro for about that much, like an HSP onroad or monster truck. I've got one of each of their 1/10ths, and think they're perfectly serviceable bashers, but they'll need maintenance and parts sooner than other brands.
You can get a used nitro in poor condition for under $200, and spend another $200 restoring it. There's lots of restoration threads on this forum, some members have produced very nice cars out of what looked like junk. I wouldn't recommend that for anyone's first foray into nitro through, as it takes a bit of experience to know what needs to be fixed. There's also lots of crap listed way over value by delusional sellers, so having an eye for what's a good deal also requires experience with nitros.