Are you recording just you or a band ? Have you considered how you are going to do drums / vocals ?

For 300 you may want to think about a Tascam 424mK III or similar. I started with a 424mk III and moved up to digital via a Korg D1600.

I now use a Korg D1200 and I'm very happy with it.

It has a USB connection to a PC and I edit and mix using SONAR.

300 is not a lot however I would keep saving and keep an eye on eBay. I picked up my D1200 for about 600 USD