i bought my 2nd hand MIM jazz bass for 450. its slightlly lower than the market rate, so i suppose it was a good buy. but yes.. my point is that, my friend got a 2nd hand MIJ jazz-bass copy Morris bass, and its got absolutely killer tone for 400 only!
do your research and you'll probably be able to get a great valued bass for less then 500.
agreeing with zero G and exin, effects are secondary to your primary instrument. once you know the way your bass feels, you'll also know what sort of effects you should be going for instead of getting them all at the same time. -)
hope this helps.