You can absoluty find a great horse for that price. Have you condsiderd a horse rescue? I have gotten 3 of my 4 from a rescue, My 21 y/o Breeding Stock paint was $250 but ends up being a pasture pal due to unforseen arthritis, my 20-30 something pinto gelding was free, and my mini was $50 from the rescue. I got my trail horse given to me, but she has other issues that need taking care of. Not all rescue horses are old and broken down. Perhaps that may be the route to go. I know the places around here all seem to have a good amount of well broke trail horses right now. But then again I am in central Wisconsin!
As for expenses:
$1.50 bale for small squares x 400 bales, I hope to get at least half that many if not more off my own property this year as I can make hay on it.
About $80 a month on supplements for all 4, and grain ranges. I feed 3 different types, beet pulp to the two old timers, along with senior feed, which ends up being about $200 a month, and then Star my trail buddy gets her Draft formula which is about $16 a bag and lasts me quite a while as she only gets 8 oz 2 times a day. The mini gets hay and shares the biotin supp. that Star gets.
Vet wise, I had him pull coggins and do rabies, but did all four 5 ways my self. 3 of the 4 will get floated once mud season stops and it warms up a bit, and that might run around $250-300.
Wow, I didn't realize how much they were costing me! But well worth it in the long run!