Anywhere downtown is accessible to 240 or 55 - so you should be set for your commute depending on your clients. My wife used to live at the Gayoso House (might be Apartments at Peabody Place now?). It's on the corner of Front and Peabody Place. She liked it. You might be able to find something there for that price. You won't get a balcony and it will likely be smaller, but you get a major upgrade in location. You would be much closer to the bars/restaurants on Main and Second, plus you will be much closer to Beale and the Forum. The parking garage is directly across the street on Main. It's very safe and heavily traveled. If I had to pick between those two, I'd pick Gayoso for the location.
Neither of us have lived downtown in 5+ years. It's developed quite a bit even during that short time, so there's likely plenty of viable options a little further South from where you are looking. I lived on Mud Island and enjoyed it. It's not as convenient as downtown, but it gives you easy access to all that without feeling like you are living in an very urban area. You can probably find something there on your budget, but would definitely be able to afford a nicer one with a roommate. Tell your friends they need to quit being lame and live downtown while they are young...
Neither of us have lived downtown in 5+ years. It's developed quite a bit even during that short time, so there's likely plenty of viable options a little further South from where you are looking. I lived on Mud Island and enjoyed it. It's not as convenient as downtown, but it gives you easy access to all that without feeling like you are living in an very urban area. You can probably find something there on your budget, but would definitely be able to afford a nicer one with a roommate. Tell your friends they need to quit being lame and live downtown while they are young...