The next day, Grandma and I were doing one of our favorite things, visiting the local DI (a thrift store) when I noticed that they had an upholstered kid's chair! It was not much to look at, covered in stained and worn out denim, but I could see the potential. It's actually a cute little rocking chair. It was only $5, much more in my willing-to-spend price range. After a visit to the fabric store, (that happened to be having a mega sale,) I was able to come home with a couple yards of upholstery fabric (usually $21.99 a yard) for only $3.50 a yard! All-in-all the chair wound up costing a cool $12.00.
I considered reupholstering it, but then decided to go with a slip cover, which will be much easier to throw in the wash when things inevitably are spilled on it. I love how it turned out, and even though the baby won't be using it for a couple years, it was totally worth it!! Here are the before and after pictures: