hmm...cheap and mag mile are not words that often go together. And of course...one man's cheap is another man's "too expensive!" It's all in one's perspective (for instance, Cafe Spiaggia may not be as expensive as Spiaggia but I would never think of it as a budget place)
Soupbox is up on Chicago Avenue near Michigan. Really good selection of soups -- might make yourself a nice lunch or a quick dinner.
Tempo Diner has pretty decent diner food -- good breakfasts, especially.
There's also a Pizano's Pizza up on State near Chicago -- that's a bit west of Michigan but definitely walkable. Great pizza, good pastas, very casual and fun. Not outrageously expensive but not dirt cheap.
There's a Whole Foods between Superior and Huron -- you could take out from their deli or just get cheeses and fruit some night. Definitely not cheap but certainly good eats. And less expensive than going to Roy's which is just around the corner from it. Although Roy's is awfully tasty.
There's a joint over by Loyola that I used to go to for lunch -- Flapjaws. It's not exactly the best burger in town but it's pretty good for what it is. A decent burger joint with good fries.
I believe that they've also opened up a Pompeii Bakery on Ohio, east of Michigan. It would be a good place for lunch.
Further north, gold coast wise there's the Ashkenazi Deli -- I haven't been there in years but they used to have pretty darn good food.
Maybe I'm off the mark here but I'm thinking of cheap and decent...Cheap and spectacular -- that's a much harder thing to do in that neighborhood, if not impossible.
Sucks about your pipes! But at least you're staying in a nice part of town!
Soupbox
50 E. Chicago Ave.
312-951-5900
Tempo Cafe
6 E. Chestnut St.
312-943-4373
Pizano's Pizza & Pasta
864 N. State St.
312-751-1766
Whole Foods
30 W. Huron Street
312-932-9600
Flapjaws Cafe
840 N. Wabash Ave.
312-255-1122
Pompeii PIzza
212 East Ohio
312-482-9900
Ashkenaz Deli
12 E. Cedar St.
312-944-5006