Budgeted Red-Blue Median is a generalization of classic $k$-Median in that there are two sets of facilities, say $\mathcal{R}$ and $\mathcal{B}$, that can be used to serve clients located in some metric space. The goal is to open $k_r$ facilities in $\mathcal{R}$ and $k_b$ facilities in $\mathcal{B}$ for some given bounds $k_r, k_b$ and connect each client to their nearest open facility in a way that minimizes the total connection cost. We extend work by Hajiaghayi, Khandekar, and Kortsarz [2012] and show that a multiple-swap local search heuristic can be used to obtain a $(5+ε)$-approximation for Budgeted Red-Blue Median for any constant $ε> 0$. This is an improvement over their single swap analysis and beats the previous best approximation guarantee of 8 by Swamy [2014]. We also present a matching lower bound showing that for every $p \geq 1$, there are instances of Budgeted Red-Blue Median with local optimum solutions for the $p$-swap heuristic whose cost is $5 + Ω\left(\frac{1}{p}\right)$ times the optimum solution cost. Thus, our analysis is tight up to the lower order terms. In particular, for any $ε> 0$ we show the single-swap heuristic admits local optima whose cost can be as bad as $7-ε$ times the optimum solution cost.