Hi,
I worked and lived in Baku for two years. I cannot comment on your salary as I was on a very high salary and had good business expenses. What I can tell you is this. For a decent 1 or 2 bedroom apartment in a good area of Baku (Fountain Square) be prepared to pay about £1,000+/month. Utilities (electric, water and gas) can set you back about £150+/month. What else? Well, food, drink, transportation, and anything else, let's say another £400+/month.
Now you could live cheaper than this in Baku but you are letting yourself in for awful apartments, power cuts, drainage problems, Internet cut-outs. So, I guess it's a matter of pay your money and take your choice (chance)!
Hope this helps!
Kuanyin