A quick look at craigslist tells me that $550 is possible, but it's not going to be the best apartment in the best part of town. If you could get up to the $600-650 range you'd have a lot more options.
Or if you went in with your brother, I imagine you could find a much nicer two-bedroom on your combined resources.
On neighborhoods: Ingersoll is a nice neighborhood with a lot of apartment buildings close to downtown. Drake neighborhood's getting better, but some areas can be a little dicey still. The east/southeast side is going to be significantly cheaper, but a little more dangerous. Good luck!
