There's low budget, then there's micro budget. To you and me, $250,000 is a lot of money. But in the filmmaking world. If you're planning on making a feature film with known actors. That amount is practically nothing.
It seems an indie trend coming up is having good quality micro budget features with a decent script and great quality. Someone could pump out a few of these films each year and make a profit once it hits the home distribution market. The link to the article below is an interview with Jennifer Westin.
This article brings up a few great points, that make sure that it looks and sounds good most of all. There's no excuse anymore to have a bad looking movie as the prosumer cameras these days give you phenomenal results.
Another thing to probably keep in mind, many people are taking a huge paycut so don't cheap out on food. Or else you'll have a very cranky set.
Hurry Up and Wait Link: http://goo.gl/oWx2Ax