Decent semi affordable baitcaster/reel for this ugly stik?

Hey all. I had been wanting to get an ultralight setup for awhile. I just got this ugly stik rod for free, but I need a reel. I've never had a baitcast and it kinda intrigues me, but they seem a bit on the pricier side.

Willing to look into a more traditional reel, especially if a price is too good to pass up.

I know I'll likely need to spend a little bit to get something decent, but don't want to break the bank. I'm also no too well versed on what would work best in an ultralight setup.

Any help is appreciated!