This is gonna sound a little strange but if I were recording hiphop/rap and hed 200$ for a mic... I would go to ebay and get a shure 55sh and whatever preamp I could get for 100$. I think the 55sh would work well because of it's mid and low response. It doesn't have the nasty sharp highs that a 57 or even a 58 have (which would be the obvious other answers).
You can always find 55sh mics on ebay for 99$. That leaves you with 100$ to get something like a presonus tube pre or other simple single channel preamp.
That's what I would do because of the type of sound I sound I would want from the vocals... I am thinking along the lines of gangstar or the gza. More of a deep growl and less like the stuff that you hear coming out these days that sounds like it was recorded in a crystal house built by superman.