Despite what a lot of other people have said on this thread, I believe a kick-ass, "pro-quality" studio can be had for under $6500. It wouldn't have any vintage mics (or even Neumann mics), but I don't think a lot of people would disagree that the setup described below, if used by someone who knows their stuff, could yield pro quality results.
This setup is designed to get good quality signals into the computer, with all mixing being done inside the computer. That said, here is my hypothetical, kick-ass $6500 studio:
Computer:
If you can put together your own box, you can do it for
$500 with parts from newegg.com (this is assuming you already have a monitor). This box will run all the audio and effects you could ever dream of needing.
Sound Card:
MAudio Delta 1010 lt -
$379 from 8th street
8 analog ins and outs. Enough to simultaneously record drums and maybe guitar. If that's not enough I/O for you, save up and get two of these.
Mixer:
Soundcraft Spirit M Series M8 16 Channel Mixer -
$599 right now at Musicians Friend. In this setup, you would basically be using it as eight channels of EQ and mic pre.
Mic Preamp:
Avalon VT737 -
$1,800 from Musicians's Friend. One channel of pure preamp perfection.
Mics:
Rode NTK for vocals and anything else you'd normally use a LD condensor on. -
$400-500 depending on sales at places like 8th street and Musicians Advocate.
A pair of MXL 603s for overheads-
$150
Four SM57s for toms and snare on Ebay - around
$200
Shure Beta 52 for Kick and Bass Amp-
$189 at 8th street
Software:
Cakewalk Sonar 2.0 -
$299 everywhere. One of the most powerful sequencers available, at any price.
Waves Renaissance Native 3.5 -
$225 at audiomidi.com. Some of the best EQ, reverb, and compression plug-ins available on the market. You can cover all of your basic processing needs with this collection.
Sound Forge Studio 6.0 for two-track editing -
$60
Outboard:
Since we are using plug-ins for most of our signal processing, the only outboard gear that you'd really need would be a few channels of compression to process signals before they hit your sound card. I would get three RNCs and call it good. Hopefully you're not compressing drum overheads on the way in, so three stereo channels of compression should be enough. -
$525 from 8thstreet.com
Oh, I almost forgot, you'll need a patch bay to make it easy to connect your gear up any way you'd like. Furman PB-48 Patch Bay -
$125 at Musicians Friend
Monitors:
Event 20/20s -
$309 from 8thstreet
Hafler TA1100 amp -
$199 from 8thstreet
That totals
$6009, which leaves a little under $500 for cables. That should be plenty.
So, there you go, a killer studio that will allow you pro sounding results. Anyone disagree?
As far as the ethics of charging $25 for inexperienced engineering, I'll have to concur with Blue Bear. I don't think that that price point is appropriate at all. If you learn how to use this stuff, and your songs start approaching the level of quality of Blue Bear or Sonusman, $25-$40/hr is fine. Until then, I don't think it would be right to charge more than $12-$15/hr.