Is the Fender Hot Rod the lowest/best priced amp that comes with an effects loop?

Any amp without an effects loop and I need a bypass pedal. But even then I am still putting effects into the pre all at once. As far as I know to keep the modulations effects after the pre I need the effects loop, right? So what amps are out there on the smaller side that have an effects loop?

It almost seems like it would be cheaper to buy two amps without effects loops and run two separate lines splitting one of them. This way one would be clear modulation effects and the other would be sacrificed as overdrive mixed in with modulation?

Can an amp be modded for an effects loop? Expensive?

Those amps with no effects loops but with two instrument inputs, what if I ran an effect chain in each input?