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Interesting would be items whose manufacture could be automatized to some extent, but this is not necessary.
I am not particularly interested in the legality of this at the moment. But safety considerations could be important.
Lathe, CNC Mill, Drill Press, Bandsaw, Bend Brake, CNC laser/plasma cutter. That'd be the basics of a fully featured metal shop. Buying used and upgrading as you bring in some revenue would keep you under your price target.
I'd love to move to a more "robust" process, but options for materials and widespread access to 3d printing provides a lot of versatility for a single-person business where I want to control the entire product and process end-to-end.
Just need to find your niche.
Print shop type things, especially specialized like vinyl cutting and large banners, could be a good business depending on where you're at. Might be able to buy used or lease equipment too.
Woodworking / furniture shop and / or antique furniture restoration might not be terribly capital intensive.
I have a dream of producing custom recumbents. I don't know where to get thin-walled pipes, but a start capital is roughly as you have described.
[0] tube is measured by the outer diameter; pipe is measured by the inner diameter