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Tachikoma said:
for the price range youre looking at, you may well build a decent rig that can play current games, but it wont last very long before games are needing to be dropped further and further in quality to continue to run well.

I would strongly suggest a minimum target of $800-$1000 if you want the rig to last you a decent time.

I agree. $800-1000 is a more realistic budget for a 3-4 year gaming PC without too many compromises.

It's a solid i5-4690K/ GTX 970 based build. 

Those two compents run about $230 for the CPU and about $330 for the video card alone.