What are you playing now? I'd hate to see you spend $200 and get something that is only marginally better than what you already have, which is likely to happen because that's a very "iffy" price point.
I think you can get a Mainland concert for around $220 (mahogany) - and that is the sort of uke that isn't going to have you looking for a third uke real soon. Main reason being that Mike sets them up before he ships them and that puts them a solid step above the solid wood Kalas, etc.
Another good choice would be a Kala solid-wood uke set up by a pro - but you're going to be in the same general price range as a Mainland, then; maybe even a little higher and still in the position of having to try to decide whether the "pro" is really good at setups or not.
If you can't afford to get a solid-wood uke set up by a pro (i.e. Kala with set up, Mainland, etc.) then, honestly, I'd wait until you can afford the extra $50 above your current budget. That really can be the difference between getting a uke that is only going to appease your itch for a short time and a uke that might well be the last you'll need.
Of course, if you have the luxury of a well-supplied store nearby, and the expertise to tell a good uke (intonation, etc.) from a mediocre one, you may be able to find a Kala, etc., that doesn't need a setup. They aren't all delivered with high nuts and so on, it's just that there is a fairly high probability of getting one that needs setting up if you're depending on "the luck of the draw."
Finally, for $200 you might well find a used Mainland or a Kala originally sold by MGM (he did beautiful setups) in the Marketplace forum here.
John
