Yeah, I don't think you need ahuge budget, but with a small one like that, just make sure that you're prepared to think outside of the box. Troll thrift stores, swap meets, flea markets and yes, dumpsters. You can find some awesome props for pretty darn cheap. Also, check craigslist free listings DAILY. You never know what treasures you might find. It also helps if you have some people who are capable or willing to learn how to make props/sew/or set build.
It's also very important to know how to write around the things you can't budget. For example, if you only have three or four rooms available to you to film in, then you'd better be able to explain why that character only travels to those three rooms, and/or be able to set dress those rooms to look completely different from one another.
Also, as someone above me said, location scout, location scout,location scout. Seriously, hop on your bike and explore every street, wooded area and park in your vacinity. Figure out everywhere that you can get to, and how and what all you can transport there. Don't be afraid to ask favours either. If there is an area that looks perfect, or a prop that belongs to someone else or some building that you desperately want to shoot, don't be afraid to ask if your permitted to use it and explain how and why you want to use it. Often times people will be interested and willing to let you provided you're responsible.
Mostly its just important that you are able to bring something new to the game, and that you have the innovation to figure out how to do it. Its a lot of work, but anybody can do it if they're willing to put in the time. Good luck! I look forward to seeing!!!