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For the requirements you stated, the M&P15-22 (22lr) and M&P Sport (.223) should fit the bill.
The M&P15-22 already comes with a quadrail and is priced well under $500; plenty of money left for thousands of rounds if you choose to go that route.
I personally suggest the M&P Sport instead as it is a 5.56/.223 caliber. Ammo is still rather affordable and widely available, can be used for multiple purposes like HD/SD, plinking, hunting, and competition.
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