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$500-700 is considered budget level PC gaming.

No one builds a gaming PC with anything approaching a 10 year life expectancy, even for actual top of the line systems that run in excess of several thousand dollars.

This is very realistically what a $700 budget buys for a build it yourself gaming PC:

http://www.tomshardware.com/reviews/build-budget-gaming-pc,4065.html

Current Budget Gaming PC Components
CPU Intel Core i3-4150 (Haswell) $120
CPU Cooler Intel Boxed Heat Sink and Fan $0
Motherboard ASRock H81M-HDS, LGA 1150, Intel H81 Express $57
RAM G.Skill Ripjaws 8GB (2 x 4GB) DDR3 1600 F3-12800CL9D-8GBXL $64
Graphics Sapphire Dual-X Radeon R9 280 100373L $180
Hard Drive Western Digital WD Blue WD10EZEX 1TB $55
Power EVGA 100-W1-500-KR 500W $43
Performance Platform Cost $519
Storage Drive None $0
Case NZXT Source 210 Elite Black $50
Optical Asus DRW-24B1ST/BLK SATA 24x DVD Burner $20
Total Hardware Cost
$589
OS Windows 8.1 X64 OEM $100
Complete System Price
$689

As anyone familiar with PC components will recognize (anyone familiar will already have a good idea of what $700 in hardware will buy anyway) this is a competent but modest 1920x1080 gaming PC.

I suggest reading builder articles from Tomshardware.com to better educate yourself on what various budgets will currently buy and the tested performance numbers said builds will yield.