I figure I may as well make a thread about glorious cheap items, particularly for the early game.
So here's an item I really like: Quelling Blade.
Building it on melee is obvious, but I tend to build this shit on ranged heroes too. Reason being: I am a woodcutting addict. Obviously a quelling blade's value rises if the enemy has a Nature's Prophet (although tangos will do too) but it has so much more fun shit than that. If you're top lane as Radiant, Quelling Blade will give you access to a fun top pull where you pull the large creep camp into your side of the lane. In general when pulling, quelling blade can give you a double pull where you pull a second camp into your first one and get an entire wave of lane creeps to vanish, but that shit is tricky to time.
Quelling Blade is also often basically my shadowblade. A few precise chops and I can hide in the middle of trees where no one can see me. And then I chop out and go SURPRISE MOTHERFUCKER and gank the everloving shit out of enemies. Dire top and radiant bot are both susceptible to some precise cuts that let you arrive right next to the tower from the jungle for some freakish ganks right where someone low hp thinks they're safe.
There are also lots of timesavers and special routes you can chop between trees. If you're Pudge, a Quelling Blade lets you be ten times the asshole and hook someone into trees where the only escape is through you (which you're blocking) so they're fucked. And a quelling blade often lets you perform great jukes in trees because you cut your way out somewhere no one was expecting. If you have tangos it can get sillier because they have no cd on eating trees but that shit costs gold per use.