For $50/month you can get a Xeon E3 1225v2 with 32GB ram and 3-120GB ssds and 300mbps pipe nowadays.
Now if you said 1U, 1amp, and 10TB of metered bandwidth, then $50/mo sounds more like it.
OVH pricing gets you pretty close.
If there isn't one, I'll take two! Cheaper than Azure!