I have used a cheap ($25 USD) 10'x10' Blue Stone tarp for 4 years now and it has held up very well for the price. This summer it did start to wet through in a heavy rain so it gave it a spray on waterproofing treatment and it is good as new. The tarp is only 23oz and it packs down to about 11" x 5"
I have thought about investing in a silnylon tarp but have not been able to justify the price.
I'e been using a [Bluestone](https://www.amazon.com/theBlueStone-Shelter-Hammock-Outdoor-Camping/dp/B01AXV8VLU) 10x10 for a couple of years now and have no complaints.
I would not recommend using it as a groundsheet and I have been told that they don't age well if they left out in the sun for long periods.
it weight only 23oz, backs down to about the volume of a coffee can and cost me $20.
For the cheap tarps, if you are looking for sinylon, this one worked out reasonably well for a 10x10 tarp. The other option, while heavier, is a blue poly tarp. 12'x8' is more or less a sweet spot if you are expecting any rain with winds. I still find mine getting used , even though I've added a superfly and cuben fiber tarp to my collection.
I really like 'doors' on my tarp. If you take a square tarp, and tie it in a similar configuration, you can get the same effect. You can create an area to tie onto with a rock.