Wow that's a tuff question. I think a rod and reel combo would be your best bang for the buck. I have always been partial to Shimano brand, spin cast would be the most versatile.
Of course other brands like Mitchel, Abu Garcia, Quantum, lews and etc. make some nice products. Most decent combos I think you could expect 60 dollars and up. The one pictured is a Shimano and it was around 70. Don't get sold a bait caster unless you are experienced with throwing them.
Another concideration is what type of fish? If you are going for big fish (4 pounds and up) and are throwing heavy baits (1/2 Oz and up) then you will need a heavy rod and reel with 8 pound or more line.
If you are going for pan fish like trout, bream, crappie, or even walleye or small mouth under 20 inches, then the medium light would do well.
Look on the reel spool, usually the line size is listed 4 to 8 pound is a light to medium, 6 to 14 is medium heavy. I would guess about a 6 foot rod would be average. 2 piece rods are easier to transport and store.
Sorry I guess I made it look complicated. I have and still use a medium size spin cast reel ( Shimano Spirex 1000 just to give you a size reference). I have 4 pound line on it, and I use it for crappie, bream, and trout. The other reel is the same thing only I have 8 pound braided line on it because I use it for walleye and small mouth bass when I drift the rivers. I use the same type of medium size 6 foot rod. This is my dad, he caught this fish with a medium size rod and reel with 6 pound line.
Don't worry about casting a mile, if you can comfortably cast a small 3 inch lure 20 to 40 feet, then that is good. Most all fish I catch are within 20 feet from the bank