Overstock via eBay offers the Portfolio Trace Convert-a-Couch Renu Leather Sofa Sleeper
with free shipping
. That's $22 under our mention from October and the lowest total price we could find by $70. It features a powder-coated steel frame, tapered wooden legs, and a 10" pillow-top seat cushion.
Note that the material is made of renu leather; it looks like top grain leather, but is actually a composite of leather, polyester, and polyurethane.