I work with a dozen customer that have budgets this small. It all depends upon a lot of factors…
1. Everything we do is very localized.
2. CPC needs to be reasonable for 15ish high intent keywords – any more and you are wasting their money. These should also be keywords they are not ranking 1-3 in organically.
3. Conversion rate needs to be 2%+ (3%+ is probably optimal)
4. Average order value needs to be commensurate with CPC and conversion rate.
Most of my customers are over $190 AOV and CPC starts about $1.25 and goes down. The higher the conversion rate the better this is, but many of our customers look at this as one-time acquisition cost as the annual value of a customer can be 5X the one time order.
Depending upon the customer, I also suggest a small budget for re-marketing in FB. That helps drive up the whole conversion rate as well.