I think you need to get out there for a good luck around.

I would go for a weekend and see what is on the market and for what price, that will give you an idea of what can and cannot be done in that price range.

hi Ronito
I do look at property in different countries( and bought a couple) but not in Tenerife. A quick look would seem to suggest it may not be possible. Does it have to be Los Cristianos or are you a bit more flexible? There does seem to be accomodation within a 10- 15 min drive. However you must look into what taxes are likely to have to be paid. Also, its not as straightforward as in the UK. Make sure a lawyer ensures the paperwork is correct. You may for instance, find that extensions without approval have been done, or that it was built illegally.Avoid buying offplan. You could lose it all if the builder goes bankrupt. If you buy within a complex, you will no doubt have monthly fees- and sometimes these can be quite substantial.
Buying property in a mainly residential area may be cheaper.
As I said, I don't know about buying in Tenerife but hopefully have given some pointers.