when something that is completly cheap but is trying to look fancy

A jack off buddy (from 'cum' /'come', meaning 'semen', and 'companion'); a friend that you get together with for sessions of solo or mutual masturbation
Variant of: cumpanion (from 'companion' & 'cum'); jack off buddy & wank bud & JO buddy
Similar to: fuck buddy

Someone who lives in a run-down neighborhood, but has expensive possessions. Or if someone in the hood has multiple cars or if there is a known drug dealer who has a nice house in the projects, you might say he is Ghetto Fancy.