Sears offers the DHP Metro Futon Sofa Bed in Black for $202.99 with free shipping. That's tied with last week's mention, and, outside of the deals below, the lowest price we could find in any color by $85 (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. (Amazon offers it in Tan for the same price, although it'll take a couple days to process.)