It is certainly more than enough to get a great looking search engine friendly starter website through REW (They start at $740 USD) and the hosting is $480 per year.

Until such time as you have established some rankings, you could get away with an iframable IDX from the board, so no costs there.

Is it enough for a proper SEO budget as well? Not even close, however that is the great thing about the REW community (Whether you have an REW website or not) all of the information you require to engage in an DIY SEO campaign is available for free. At some point, you will run into a limitation in your abilities (And that depends on the customer) but for the most part, you can get a really good head start if you participate, listen to those who are willing to share, and don't try to cut corners.

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