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With that budget in today's market you could get the whole rifle in a budget type or for a few bucks more get a Colt...
Colt Competition Series Semiautomatic Tactical Rifle 5.56 NATO 16" 30 Rd - $699.99 (free store pickup)
If you are going to get a Colt get a real one. From my understanding, these are not made by Colt at all, they are made by Bold Ideas out of Texas via a licensing agreement with Colt and they are lacking the QC typically found on Colts.
OP if you just want an upper check out SIONICS, they are a top notch out fit. They will be putting a new upper called The Patrol Three-E Upper and it will be available without a BCG or Charging Handle for $409.95.