I would take [USER=2256]@Alj23[/USER]'s advice and wait a bit to buy this. As someone who has built their own gaming PC, I would say you at least want mid range components in your computer that you can upgrade later.
PCPartPicker part list / Price breakdown by merchant
CPU: Intel Core i5-4440 3.1GHz Quad-Core Processor ($173.95 @ SuperBiiz)
Motherboard: MSI Z97 PC MATE ATX LGA1150 Motherboard ($82.99 @ Newegg)
Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($49.99 @ Newegg)
Storage: Western Digital Caviar Blue 500GB 3.5" 7200RPM Internal Hard Drive ($47.69 @ OutletPC)
Video Card: MSI GeForce GTX 960 2GB Video Card ($179.99 @ SuperBiiz)
Case: Corsair 200R ATX Mid Tower Case ($47.99 @ Micro Center)
Power Supply: Corsair CX 500W 80+ Bronze Certified Semi-Modular ATX Power Supply ($34.00 @ Newegg)
Operating System: Microsoft Windows 8.1 OEM (64-bit) ($87.98 @ OutletPC)
Total: $704.58
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-05-30 18:49 EDT-0400
This is a good example of a midrange build. I know that this is almost 7 times the price of the "PC" you put in the original post, but that thing is a disgrace and would barely get playable framerates even in Minecraft. You could probably downgrade a few of these, specifically the RAM to 4GB, and the CPU to an i3, and still be a decent computer. Here is an example of a lower tier build I found on /r/buildapc: http://www.reddit.com/r/buildapc/comments/37vugg/build_ready_entrylevel_gaming_pc_on_a_budget/
You could probably go lower, but then it's going to start getting tough to cut costs while not sacrificing large amounts of performance as well.
Helpful links for building a PC:
http://www.reddit.com/r/buildapc
http://buildapc.nzxt.com/
https://pcpartpicker.com/ (I know you already know about this, putting it here for others)
http://www.reddit.com/r/PCMasterRace/wiki/builds (Some good builds here at different price points. Start at the Next Gen Crusher, everything below that isn't for gaming and will do very badly for that)