How much should a 'Deal' paint job cost me?

I have a guy who is going to patch the license plate holes and strip and paint both my hood and front bumper. He is also going to put in a new fender (which I have and is already black) and buff that and the existing one. What should this cost me if he (and now a friend of his too) are doing the work? He said something about $200 in materials alone (does black paint cost a lot?)! Is that realistic? I was thinking $350-$400 total. The shop he used to work at quoted my hood repaint at $426. I just thought this would be somewhat of a deal. What can you guys tell me? Thanks, John.

here's a deal that i was recently told about, and am saving for. all i have to do is provide the paint. he'll strip the entire car, sand, prime, wet sand, paint and clearcoat