I have one of the craft tables like JoAnn's sells. It does fold down on 2 sides but leaves about a 12" center section that is stationary. My sewing room also does double duty as a guest room - although we've not had guests stay in years, lol. But there is a futon in there along with other BR-type furniture along with my sewing machine in cabinet.
Once upon a time I could clean up my sewing room to the point where I could fold up the table and put it behind the futon when needed. Currently I have too much 'stuff' under the table that I can't find permanent homes for yet. And I've done a major clean up / purge recently. Sigh.
That table is a reasonable height for me. At 5' 2" it's a tad tall for me but doable. Much more so than kitchen counter height. That was always my thought but typing this out now, the counter height is definitely not for me. Made abundantly clear to me yesterday after baking 30 dozen cookies!
Definitely shop the thrift shops and CL. Some great deals can be had that way if 'pretty' is not that important.