Best recommendation I can make is buy a commercial compressor, like Ingersol Rand. I've had a few and bought an IR a couple of years ago and now enjoy all the tools I can run from it and don't wait for it to catch up to me, even sandblasting.
Mine is over your budget at 7.5 hp, 2 stage and 80 gallon tank but they have smaller models that work just as well.
Buy the best options you can - try for dual stage, 5 hp and 60 gallon. I've seen them at Northern Tool for decent prices or Tractor Supply if I recall.
You might consider your local Craigslist or classifieds, good deals can be had if you are educated on what you are looking for. You'll also want a good oil water separator and moisture drain. I don't know how humid it is where you are in Tn. but here in Houston, it's very humid and I frequently have to drain moisture from my tank while running for extended periods.
Best of luck on your purchase.