TFO Signature II Fly Rod 2Pc for about 119 or so, and a TFO Prism Large Arbor Fly Reel for about 80 or so dollars.
Redington Surge 80 dollars
Ross Worldwide Flyrise Fly Reels 110 or so
Redington Pursuit rod 120
Wright & McGill Generation II S-Curve Fly Rods 100 or so.
You really need to increase your budget about 50 dollars or so. Additionally, you need to factor in your bugs/poppers, fly line, leader and tippet. The latter two are pretty cheap but can add up.
If your primarily fishing for perch/sunfish, trout or bass, keep in mind the poppers for bass are going to be at least 2.00 per/bug. A few hard hits and both perch and bass can destroy the cheaper poppers.
Trout flies both wet and dry are not too terribly bad.