to keep costs down, the lower end 1911's use drop in parts and have limited features. For features for the $$$ you cannot beat the Taurus 1911.
For creature comforts, it's hard to beat a Colt or S&W 1911.
Most will not feed lead or hollow point ammunition....but that follows with the original GI specs...designed just to feed 230 FMJ Ball ammo.
Original GI sights are next to worthless as well.
Original GI spur hammer will bite you and the original GI grip safety will not do anything to spread out the recoil.
To buy a cheaper 1911 and plan on updating it later is not a good plan. You throw away parts to buy replacements....that should be fitted to your pistol for ideal function.
I would recommend you list out the features you desire on a 1911 :
Sights, grip safety, lowered ejection port, ramped & throated barrel, grips,
size : Govt, commander, compact steel, stainless, alloy
safety: single side or ambi
.............and then shop for the 1911 that fills the choices you have made.
You do get what you pay for.
Reliability = quality magazines cheapo gun show mags will give you headaches in a previously reliable 1911.
Revolvers always go bang as the cylinder just has to rotate. ANY Autoloader is dependant on a quality magazine as an ammunition feeding device to be able to fire more than once.
Spending $$$ on gunsmithing once a month for updates rather than just fine tuning gets old very fast...but the gunsmith will appreciate the work !
To take a stock GI 1911 and change to a round commander style hammer and a beavertail safety will require the modification of the frame as the grip safety is fitted. To be done right, the frame needs to be refinished.
That adds up real fast...better to buy a 1911 with those featured done in production. Makes the shooting experience with a 1911 much more pleasurable !