If you are willing to go West of Western, then you can find houses as you get into Douglas Park. Obviously the area is a bit different than UIC central, but you'll still be off Roosevelt. Adds 10 more minutes on the Roosevelt bus.
You will never find a place near that price around UIC, for a home. For a condo, my recommendation is the following:
There are deals galore around 800 S. Wells. In at least 3 buildings. One of which is the unique River City. Some studios are short selling for $75k!!!
That area has the only real deals under $150k OR you can look in the new construction condos that were put up by Western and the 290 around Harrison heading south a few blocks. I know of a couple of places for sale there now.
So...there is hope.