We describe a relatively inexpensive molecular beam epitaxy system built at our undergraduate institution to study novel magnetic structures. The system consists of two main chambers, growth and analysis, a sophisticated manipulator, and a loadlock chamber. It is pumped by a series of ion pumps (400, 140, 60, and 2 1/s), a cryopump, and a turbomolecular pump system that reach basic pressure of 10(-10)Torr. The 8 ports for K cells, surrounded by a nitrogen cryoshroud, and a multipocket e-gun allow us to evaporate 12 different materials onto a substrate 1 in, in diameter. The system is equipped with a series of analytical techniques, such as reflection high energy electron diffraction (RHEED), low energy electron diffraction, and Auger electron spectroscopy (AES). The total cost of our system is $160,000, excluding the RHEED gun, AES ' system, and about $50,000 worth of used parts that were available in our department. (C) 2001 American Vacuum Society.