The 55" OLED is going to be a few hundred more than your one grand wishful budget. (there's no 50" LG OLED.) However, as Rizz indicated, you are not going to disappointed in the picture- or the features.
I replace a 58" plasma with an LG-OLED 65-C7P and I'm very happy. I was able to get rid of my cable tv bill (I stream everything now) and it works fine. I got rid of several cables too-- no need for Optical or digital audio; the ARC works perfectly with ATMOS content through the Denon receiver; all inputs go to the receiver-- then a single HDMI to the TV. The TV even controls (CEC) the receiver (on/off & Vol.) I have an Nvidia Shield for streaming, but I don't use it-- everything I need streams from the TV.
I was a little concerned that the picture would not be a good as my previous plasmas (Panny and Samsung) but it's actually BETTER. Mine is also wall- mounted-- all cabling is in the wall so the CEC & ARC features are important to me. The upscaling of 1080 content is outstanding.