Those cheapy sprayers might be OK for hobby projects but not exterior house painting. If you insist on spraying then rent professional equipment.
For 500-1000 sq ft I'd recommend a brush or roller. Spraying looks easy but it's takes lots of experience and professional technique to apply a consistent film thickness and to the thickness level recommended by the paint manufacturer. As a spraying newbie, it might look OK initially but it won't after a couple years. A good compromise is to use a sprayer to apply the paint and then backbrush or backroll it.
You also need to keep in mind that sprayers involve lots of overhead. There's setup, masking everything in sight, and cleaning the equipment at the end of the job. (and everything needs to be masked when you spray including drift going to the neighbors!!)
Preperation is extremely important. You absolutely need to have a good clean substrate. (ie no dirt, mildew, chaulk, or peeling paint). You also need to do caulking and priming where necessary.
I like SW Duration. It's expensive but it's one coat, self priming, and has a lifetime guarantee. Avoid homecenter paint sold at places like Kmart an Home Crapo. Go to a real paint store where the pro's shop.