Your "has rear seats" requirement is directly in conflict with your "dedicated commuter car" statement. The more requirements you drop, the better your MPG. The two-seat CRX is probably the most economical car in your stated price range.
Don't overlook the Toyota Echo, Saturn S-series, Geo Metro, and Mazda Protege/323/3 which may be in your price range.
You're going to be spending >10 hours a week in the car, and like Ryland says, at least $5000/yr on fuel and upkeep. If you see a nicer, lower-mantainence, less thirsty car for $4000-6000, I'd buy it.
Buy this car to drive to work, drive to work to pay for this car.
But seriously, welcome, and I look forward to seeing your mods.
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