Sears offers the DHP Metro Futon Sofa Bed in Black for $202.99 with free shipping. Outside of the deal below, that's the lowest price we could find in any color by $78 (and the best shipped price we've seen). The futon features microfiber upholstery and converts into a full-size bed.

Note: Walmart offers it in four colors for $199 with in-store pickup via Site-to-Store.