The Audio-Technica LP-120 is a fine entry level direct drive turntable, especially at that price. I have one, and properly set up and with a decent cartridge, it's nothing to be ashamed of, and can produce very pleasing results with well-cared for records. One replacement cartridge many new owners start out with is the Shure M97xE, which can be found on sale from time to time online for less than $60, IIRC. It is easy to install and align with the included protractor if you follow directions carefully.
I would also recommend getting the Shure stylus tracking force gauge so that you have the recommended force being applied to the record at the stylus, no more and no less. Otherwise, you can not only get less than optimal performance, but worse, you can damage your records permanently.
You might want to do some reading at the vinylengine.com forums. There are lots of knowledgeable enthusiasts there willing to offer advice and great tips. Good luck.