I have 3 compressors in my shop a 15 hp 2 stage with a 100 gal tank, a 5 hp single stage with a 60 gal tank and a 5 hp single stage with a 30 gal tank. If I were limited to only one I would go with the 5 hp single stage with the 60 gal tank. Get a belt driven compressor with a cast iron compressor and a 220 volt motor with a good duty cycle. Mine has over 15 years of hard use from sandblasting to painting, running grinders, glass beading cabinet, and anything else you can imagine and I have never had to add oil or change a belt. Don`t go cheap but don`t spend more than you need. Mine is a Sanborn and I would get another one without a second thought. Skip