Sorry to be the bearer of bad news, but you're just not going to find something to do what you're looking for in that price range.
I went through 5 different $100 spotting scopes before I came to that realization. Manufacturers included Winchester, BSA, Tasco, New Yukon, and another "no-name" brand I can't remember. All of them had plenty of magnification, but none had the optical clarity to see bullet holes past about 125 yards.
You would be much better served looking at the Burris Landmark series or the Leupold Wind River scopes. Both can be found for about $150 - $250 with a little digging and both are perfectly adequate for locating .223 impacts out to 250 yards.
I found my Burris Landmark on sale at Midway about 2 years ago for $180 and it included a tripod and case.
You definately want to get at least a 60mm objective for the better light gathering and field of view. Also, a decent STABLE tripod is a must.