More like $475. It's good for a starter kit.
What about some good headphones?
Sony MDR-7506
http://www.bhphotovideo.com/c/produc...Headphone.html
BTW, as I keep repeating, it's the technique with which you use the gear that gives good sound, not just having the "right" equipment. Who's going to be operating it (setting levels, swinging the boom, etc.)?