If you're cheap and willing to take risks (and ignore the likelihood of false economy): I still don't have a lot of run-time on it, but so far one style of generic cordless die grinder seems promising.
I am not a paid reviewer, I do not get any kickback, I do not have a referral code, but I do have a metric bushel of caveats.
Also, Kobalt 24V die grinders are available for even cheaper. No experience with those, there are some good ratings, but apparently they use a unique and questionable style of collet.
With coupon and/or a pseudo-discount in honor of the latest made-up 'Consumerism Holiday', this should be $80 delivered with 2x 3Ah batteries [yes I'm the one who wrote the review. Shoulda been less than 5 stars, but 4 stars always implies the thing is utter crap]: Dufuls die grinder
Looks like the same thing under a different 'brand' w/o batteries [everything in its reviews applies to the Dufuls]: Lingyue die grinder
This thing is sorta like the way cordless tools used to be: portable and handy but not a complete replacement for a 'real' corded (or air-powered) tool.
It is usable/useful for relatively short duration jobs, like maybe 2-3minutes of continuous use, and no more than 50% duty cycle over 10 minutes (complete WAG numbers).
Buzz off a few bolts or a bracket (with a proper thin cutoff wheel, easily 3/8-1/2in dia bolts or 3/16x2in steel), or do final fitting/clearancing, or grind out short welds. Definitely not good for fishmouthing a full rollcageworth of tube in one sitting, or porting an entire cast iron V-12. I think you should get the cordless die grinder only if you already have a corded angle grinder.
I'm not trying to diss the cordless too much, just manage expectations. It is seriously more capable than any 1/8in Dremel tool (speaking of, make sure to get a 1/8in collet for it... which is unavoidable b/c the only non-metric collets on Amazon are a set of 1/8+1/4).
My biggest issue so far is that the housing gets hot FAST. As in, too hot to hold the metal directly (however the rubber sleeve remains okay even w/o gloves). Maybe I'm just paranoid. I have not taken a look inside the thing to make sure there is grease. There is some backlash (IDK if planetary reduction or some kind of spline drive) but so far I think it is not getting worse.
Long-term durability is completely unknown. I'm sure it will not tolerate abuse, and I expect there will be no hope if anything wears out/breaks.
Finding collets to fit is not a problem (Amazon has sets, and the collets from two older HF air die grinders both fit). IDK about a replacement collet nut, and the nut is not exactly robust (M15x1 thread + 17mm hex = theoretical 0.5mm wall thickness; nuts from the HF air grinders do NOT fit). The included collet wrenches are extra-flimsy but any 17mm will work and the wrenches may prevent overtightening the nut.
The output torque really is impressive. It powers a 3in x 0.095 cutoff wheel equal to any air die grinder I've ever used (zero bogging with reasonable cuts). A 1/2" carbide burr in steel is not a problem.
Battery life is not too bad with the included 3Ah batteries (should be well over 10min at 50% duty cycle). Running at the 2 slowest speeds, plus not continuously due to heat, helps with battery life too. Other '21 Volt' generic batteries work, I think these are really 18V Makita style? I have used the batteries from a SeeSii WH710 impact (the cheap mid-ish-torque which was well rated by Torque Test Channel, and seems okay from what little I've used mine).