what compressor and brush?

Try tcpglobal.com. They are an automotive supply company but have an airbrush supply line and great prices. You should be able to get a Paasche VL and a TCP compressor for about that amount. The VL is the workhorse of airbrushes and you can't go wrong with it. It is a double action but you can use the preset screw to run in single action mode as you learn. It also comes with a variety of siphon feed jars and a color cup. Also see if your budget can include a compressor with a built in tank because that will give you steadier air pressure.

TCP Global is probably a good place to look! Though their airbrush/compressors are private labeled for them from a factory in China, they do come with a reasonable warranty. You can find one with a tank (my preference) and a gravity feed (my preference) airbrush from TCP Global on EBay HERE that is within your budget. They have others if you prefer siphon feed. Another option is a higher priced airbrush (Iwata Neo for example) and compressor without a tank and still stay within your budget.  i think you'll enjoy the results you can get with an airbrush.

Another shout for TCPGlobal here.  I just bought a compressor from them and am VERY impressed with it.  They have different "depts" on their site and they have a section just for hobby ABing stuff.  They have good deals on starter sets that come with AB and compressor.  They also have an eBay and Amazon store, so once you find a set you like, check eBay and Amazon, you might catch a better deal with one of them.  I use a Testors Aztec AB with a TCPGlobal compressor.  I'm still in the early stages of learning too, so you might want to check out what some of the more experienced ABers are using for AB's.  Good luck on finding a deal and you won't be disappointed when you get one!