Been using this since the DFP came out, I think it qualifies as cheap. The Fisher Price table is over 20 years old but is still extremely solid. The kids lawn chair is surprisingly comfortable and sturdy, even for my 220lb self. Since they're both made for kids it makes for a very low, racy feel, and to store it all you have to do is fold the chair and flip the table sideways then put it in a closet/pantry, losing almost no storage space at all.
Only problem is if you forget to put it away before bringing a girl over, she'll think:
A. You have a kid you didn't tell her about (weird)
B. Your roommate is a 10 year old (weird)
C. You buy kids stuff for yourself (weird)
The chair was probably something like $15, and those tables were pretty popular so you can probably get one for $5 at a garage sale or on craigslist or something. There you go, cheap, sturdy, easily adjustable, and easily stored.