I would recommend a larger SSD and at least 16 GB of RAM. However, RAM can be added later. 8 GB does meet the minimum system requirements.
i would recommend either finding a used or refurbished pc with ivy bridge (i5/7-3xxx) or newer. you might find one around the price of the cpu alone, and the rest of the budget can go into upgrades to whatever it needs. if you are building new, you wont find better value than the amd ryzen 5 1600 or 1600x cpu's. they cost a little more than the i5, but it offers waaaaay more power with 6c/12t.
To be honest there is one big problem and a few lesser problems with that setup that you planned.
The biggest problem is the use of single-channel memory. You simply cannot achieve dual-channel with only one stick of RAM. In fact, using only one stick of RAM will force the CPU's memory controller to run only in single-channel mode, which severely affects the CUDA MPE performance and to a lesser extent the H.264 Blu-ray encoding performance. I did a test with my main i7-4790K rig (my newer i7-7700 rig is currently mothballed because I recently moved). With only a single 8GB stick of memory the MPEG2 DVD exporting performance with MPE on took almost 50 seconds compared to only 25 seconds with 16GB of RAM running in dual channel. The H.264 Blu-ray performance took about 25 seconds longer in single channel than it did in dual channel.
If on the other hand you don't use Premiere Pro, then what I stated above is largely irrelevant, but the single-channel memory may still degrade performance significantly.
The lesser problems include a quad-core CPU without hyperthreading (which takes about 30 percent longer than a hyperthreaded quad-core CPU for most rendering tasks) and a small and relatively slow SSD.