First home theater (open to recs)
Region: Northwestern US

I recently moved in to a space that has what looks to be a projector setup on the ceiling with an hdmi run up there, see pics. 

I'd love this place to be a home theater but I am drowning in online review projector lingo and specs. Any help appreciated!

Functionality- projector ideally capable of handling: movie night/binge watching (so streaming capable or port to add capability)/console gaming, bluetooth sound would be great!

The wall I'm hoping to use looks like white painted cinderblocks, definitely not perfectly smooth. Likely need to buy a screen, but let me know if not.

The space is 7 feet high between the moulding and up to 20ft across if I want to go crazy,  but 10ft currently unimpeded.

The ceiling hdmi socket is 12ft from the wall, so well out of short throw range from my limited searching. Could possibly ignore the outlets and set up a table if that makes things easier. I'm not sure what the round caps in the ceiling are covering. 

Not much issue with ambient lighting as the only window is north facing and there is a room-wide blackout curtain to boot.

Is it possible to get a bigger screen and movie theater vibes for less than a 100" tv (~$1,500) or should I camp out Costco for tv sales and give up the full wall dream instead?

Home theater dream