MXL - V67G

For audiobooks it's generally recommended to have a condenser since they pick up a wider range of frequencies and have more clarity, which works well for the standard process. But if you're doing this just as a podcast or youtube, that's less of an issue since there's not the same regulations on peaks, noise floor, and RMS. So definitely look up some guides on audiobook recording and watch a few videos, but you do have more leeway than if you were recording for ACX. For the gear, you mentioned *low budget* but that doesn't really mean much without actual numbers. Generally for audiobooks, I'd recommend something like the MXL V67g run through a Behringer U2 or Mackie Onyx Artist 1X2. So the mic, interface, an XLR cable, mic stand, pop filter, and headphones for editing. All of which falls somewhere around $200 (I'm not up to date on all the prices, but I think it falls somewhere around there. Cheaper if you don't get a monitor headset, but you'd need an adapter for 1/8" to 1/4" TRS , \~$5, so still in the $150 range for everything). But no matter what gear you get, I *highly* advise getting some acoustic treatment. Even if it's just a cheap DIY frame out of PVC to hold up some moving blankets. You'll get better quality going with a cheaper gear set and some acoustic treatment than you would with spending hundreds to thousands of dollars on gear but no acoustic treatment. Good mics are awesome, but none of that matters if the room you're recording in isn't treated. Even to the point where I'd say it's better to get a cheap $10 lav mic and spend $100 on acoustics than it is to get better gear if it means you can't do any treatment.

You'll have to eq the SM58 to get it to sound anywhere close to modern mics. SM58 is overrated in my opinion, live sound guys like them because they're readily available and can take a beating and if you're a sound engineer worth a crap you know how to eq them to not sound like mud... but so are a dozen other mics in the same price range that sound miles better out of the box. On the condenser side, AT2020 is a pretty decent vocal mic for $100, very usable sound, if a little crispy and lacking detail. Another you might take a look at is MXL V67G which sounds a bit warmer and clearer than the AT2020 IF you don't get one with QC issues. Same element is used in many Ear Trumpet Labs mics, which are $700+ mics (though ETL has a deal with the factory to only send good condenser capsules; MXL don't care). Some others to consider well under $200: Rode NT1, Avantone CK-6, sE Electronics X1S. If you want a dynamic mic, I'd recommend sE Electronics V7 or something by Sennheiser (Senn e935 is the mic that I'd recommend for a main vocal dynamic mic). If you want a Shure, get the Beta 58, which has more modern circuitry and more clarity. If you want an interesting and fantastic affordable mic, check out "3U Audio" on ebay. It's a Chinese dude who used to design mics for a big Chinese OEM factory and worked with some very well-known brands, who decided to start his own business making high-end mics at affordable prices. The $164 CM1 Black SE is a very good transformerless FET condenser with a near-perfect flat eq that is better than many mics 5x the price... very similar to certain Neumann mics in usage. Or if you want something with a bit more top-end sparkle, there's a Teal C1 version that is pretty much a transformerless FET version of a vintage AKG mic used on a thousand recordings.

The last time I traveled I used an MXL V67G as my mic (my nephew still had my AT2020) and my 3rd Gen Scarlett 2i2. I bought an inexpensive pluck foam case and packed most of it in that. I drove from where I live in the East Coast to where my Mom lives in Nebraska. The one thing I forgot was my backup boom arm - I ended up buying a cheap mic stand from a local music store. I recorded several jobs in my Mom's walk-in closet. 😂 None of my clients had any idea I used my lower tier setup. I could tell the difference, but they really couldn't. Here's a pic of that setup. https://preview.redd.it/kzst3czf2dyf1.jpeg?width=4032&format=pjpg&auto=webp&s=f8bb7b8e75073039f46d87b5760e7cc5e7aa694c

Your budget allows for two mics. Get an SM57 for guitar amps, drums etc, and get a MXL V67g for vocals, acoustic guitar, percussion, etc The SM57 will always be king when it comes to versatility, and the MXL mic will keep you happy until you start to seriously upgrade! 

The MXL V67g is very good for the price. They’re like $100 or less and they sound great for what they are.

MXL V67g large condenser. Very good at that price but you’ll need phantom power.

MyDream Mic is the Neumann $4000 but even the MXL condenser I have had for like 10 years works well.

Those are great for shows/touring. But for vocals, you definitely want a condenser. I used the MXL for years, and then I got a VERY good deal on Amazon on a Neumann.

I recommend a cheap condenser (I have an MXL) because it really makes a lot of difference, and the quality of the signal that you have to work downstream begins with a) a good treated recording space and b) a decent microphone.