Well, sorry about that. I thought that we had moved on to suggest a variety of SBCs that could be had for a few hundreds of dollars.
Had we? I mean, I guess technically it was seesawing between modern Altair emulators, things that are kind of in the spirit of an S-100 machine (IE, RC2014, Zeta, etc) but not actually S100, and (in the middle of the seesaw, I guess?) some combination of new-build and scrounged parts to make a machine from scratch instead of buying a full vintage S-100. All of these at least have some tenuous connection to the OP, in that they are solutions that share at least some degree of tech (IE, Intel 8080/Zilog Z80 compatible CPU, operating systems like CP/M, etc) and usage paradigm with the original.
If you're jumping all the way to a modern CoCo3 recreation then it seems like we've opened to floor to just about anything that apes an 8-bit computer? I mean, I have a soft spot in my heart for the CoCo, my first computer was one, but I can't say it shares a lot of DNA with an S-100 machine. (I guess we could make an argument for it relating to the SWTPC-6800, but that's a whole different rabbit hole.) If we're moving the bar that far we might as well suggest one of those new Commodore 64s? They're a pretty good deal for what you get. You can also buy a fully built
MiSTer for less than $200 on eBay, and
there's actually an Altair 8800 core for that. (Along with CoCo3, Commodore 64, etc.)
Perhaps the OP, if they're still listening, could better clarify what aspect of an "S-100 computer" is most important to them. A "typical" S-100 computer, circa 1979 or so, was a single-user box with 48-64K of memory, an 8080 or Z80 CPU, a couple of floppy drives (often 8", but not always) and a CP/M or CP/M-like operating system hooked up to some kind of CRT terminal, but they ranged from the original switchplate Altair with 256 bytes of memory, IE, something dumber than most dev boards, that would be incrementally expanded from kits assembled by the user, up to professionally built multiuser mini-minicomputers with multiple megabytes of memory and hard disks running proprietary operating systems and custom software that added up to list prices in the high five figures. From a hardware perspective S-100 computers pioneered a number of important technologies, like memory mapped video cards, graphics, etc, in the 1975-1977 period, but none of that was ever really standardized, which is why the stereotypical 1979 CP/M S-100 computer tends to be a pretty boring business-oriented text-only machine.
In order to really make high-quality suggestions for a substitute for an "expensive" original S-100 computer we really need to know what it is the OP wants from it. Do they want to relive building a computer from a kit and fiddling around with the bare metal like a buyer of an original Altair would have, but they don't *necessarily* care if it *is* an Altair re-creation? Do they want a turnkey CP/M computer that just happens to be a big-ol' brick, with clattering disk drives and a bulky CRT terminal? Are they specifically interested in fooling around with pioneering cards like the VDM or Dazzler (or modern recreations thereof)? Do they want to design and build their own cards and think that S-100, being the "standard bus" back in the old days, would be a good platform for getting into that? (For various reasons I don't think it actually *is*, but reasonable people could debate that point.) It really matters what the answers are here, because for some of these use cases an FPGA or emulator solution would be just fine, while for others it doesn't work at all. (And if being able to run CP/M or Altair BASIC or whatever is part of the requirements then non-8080-compatible platforms are also going to be right out.)
I kind of feel like the one thing we've pretty well settled in the discussion is that if actual physical S-100 bus slots are an absolute requirement it's not likely to come cheap. Although... I suppose it's necessary to have a little perspective here: hobbies of all sorts are pretty expensive anymore. It's pretty easy to spend a thousand bucks buying a set of oil paints or going bowling regularly, if you shop carefully assembling an S100 computer is still going to be chump change compared to restoring a classic car or something. It's all a question of if you can budget it and if you believe it will bring you joy in line with the cost.