Just to share my recent FB ad campaign: I am in the Insurance vertical. I started local ads which FB told me was going to cost $1.15 per click and recommended that I bid that much per click, so I did. However, after 100 clicks I had paid $0.44 per click average which is far less than they had estimated that I would pay. And that was with a CTR of 4.79%. Why so low? I designed the ad in Microsoft Paint and didn't do ANY split testing. It was a 'set it and forget it' trial run.
Takeaway: If you can get your CTR to a better level than I did (shouldn't be hard) by split testing and having a "professional" design your ad (Fiverr), then you'll likely pay much less than I ended up paying. My test only ran 1 month. Just make sure you follow Facebooks rules for text in the ad image. If there's more than, I think, 20% of the picture covered in text they absolutely WILL pause your ads until you change the image. They did it to me.
Final Note: I've not been happy AT ALL with the quality of the $5.00 flyer designers on Fiverr. Best to pay a little more for someone that can actually understand English and you don't have to ask for 500 corrections of the same item. You get what you pay for.