Compact backpacking tent for $50?

Check Sierra Trading post for some good deals on closeouts. If at all possible I would highly recommend moving up to the $100 price point as there is a significant increase in quality and features and you will be getting a much better tent that you will be happier with in the long run. A tent isn't something to skimp on you will regret not dropping a little extra coin the first time something goes wrong with your tent out in the back country. Personally I love my Sierra Design tents I have an Ultra Light Year CD (with carbon poles) if you look around you may be able to find the less expensive Light Year on closeout for around $100. Sierra Design products are great and they definitely stand behind them even years after the sale.