Not trying to offend you but affordable is another way of saying cheap. Not just the compressor, but the tools also can be expensive or cheap. Cheap tools usually have lower CFM requirements.
With a 4 CFM I think an impact would not be a problem, but even the cheapest die grinders and cutoff wheels will struggle. Probably better with 6-8 CFM.
Oiless will be cheaper. At the end of the day, for real occasional use, a cheap compressor and tools can do the job but when they lack CFM, very frustrating and you'll regret not having gone with better quality or you'll shove them in a drawer and not use them.
Sanders, die grinders and other high CFM tools, my opinion is get good quality or maybe look at the many cordless options becoming more available.