That's a really low amount, it might work, but I'm concerned about the fees you might pay to get those bitcoins into your address. You probably should just leave it in an exchange, although that is never recommended. Of course that even buying bitcoin in an exchange, like coinbase has quite decent fees associated with it. Don't know how are the rates at localbitcoins, or other exchanges though. I think you should really carefully analyze the fees associated with all exchanges that accept dollars, and see if it is worth it, or if you should try to gather more money and then buy.
I also heard that coinbase will be finally be accepting segwit, so we might see a reduction in the transaction fees to get the coins to your address after you buy them.