I picked up another chair at the thrift store on Labor Day weekend. This guy was regularly $7.99, but the whole was on sale for 30% off, so that brought it down to $5.60!
This chair was a pretty easy redo because the seat and back pieces had a wood frame in them that screwed right into the frame and the wood frame was unfinished, so I didn't have to sand it down. So, as soon as I got it home, I unscrewed the seat pieces, and proceeded to spray paint the wood frame with Rustoleum's Painters Touch 2X in purple gloss.
Next I took the seat cushions inside and tried to decide on a fabric to recover them with. I decided on this fabric that I got at ikea over a year ago because it had gray in it and the purple accents in it matched the purple paint exactly. Using a staple gun, I stretched the fabric around the seat base and stapled it onto the wood frame. For the top part I cut the fabric large enough to fit all the way around the cushion and "wrapped" it like a present and stapled the fabric together up the sides of the cushion.
All that was left at this point was to poke a couple holes in the fabric were the screws went into the chair and reassemble the chair.
After it was dry and reassembled, I took a couple quick pictures and posted it for sale on craigslist. With a couple days I got an offer and just sold the chair for $45! Considering I had the paint and fabric on hand, this redo cost me under $6, and yielded me an almost $40 profit!
Now I am off to find more furniture to recover and paint!