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EDIT: Nevermind, wasn't much of a problem. https://pcpartpicker.com/list/c36RHN Absolutely fine for gaming, but a 7700K paired with a 1070 would be a lot better for gaming and rendering.
@Awakening 's system is a bit closer but you can see corners were cut with a WD Green drive (vs MSI's 7200 offering) and still no OS. Also, who the hell is SK hynix and is that SSD reliable? Is it the same hynix that made econo RAM a while back? That price point is pretty decent.
Also, while that brand is new to the SSD market, that model SSD has shown to have great performance (on par with the 850 EVO) and exceeds most other SSDs in price:performance:capacity. It's usually closer to $40 for the 120GB model which is on par with the lower-end 120GB SSDs but offers much better performance for the same cost and capacity. I haven't seen any bad professional reviews for the SL308 SSDs.
http://www.tomshardware.com/reviews/sk-hynix-sl308-ssd-review,4583.html
IMO none of any budget has room for a Windows license when that money can go towards better hardware.
If they'd remove all the spyware in the next iteration of Windows or at least have it disabled by default then maybe I'd consider paying in some way like buying another Microsoft product of similar value, but my current OS for my home PCs is Windows 10 Enterprise LTSB which is only available to businesses and would probably cost a small fortune as a consumer so there's no way I would actually buy that. I'd say buying a Microsoft product worth around $50 seems fair, but I'd be hard-pressed to ever offer more than that for a copy of Windows.
Again, with the cooler, the T2 is just as bad for a K chip and won't allow any kind of overclocking. Either get a 7500 for non-overclocking or a 7600K/7700K for overclocking, but DO NOT skimp on a cooler for them or you're wasting your money on the K. An H7 is the least that should be paired with a K chip.
The board you picked is a low-quality, minimal-feature, cheapest Z170 board. There's a lot to motherboards and this is a terrible pick to go with a K chip and especially so with this budget. The cheapest "good" Z270 board is the ASRock Z270 Pro4 at a little under $120 and there's no excuse to not have at least that in this budget.
Any wireless adapter under $30 is a bit mediocre, but yeah, I suppose you /can get a decent one for $15. I wouldn't game on it though.
You didn't allocate any of the budget for a good case. That one is mediocre at best and really, at this budget, there's no need to get such a cheap case.
NEVER cheap on the PSU. Unless you've got a budget of like $200 there's no excuse to get what you picked. There are several high quality and good-performing PSUs in the $45-75 range.
Some smaller points, but the optical drive really isn't necessary unless specified, that GPU you picked has a vibrant yellow backplate which wouldn't fair well with many color schemes (but your build doesn't really have a color scheme, but should at this budget), you can get a slightly better Seagate 2TB drive for a couple more dollars, the MX300 275GB is a much better SSD pick, and putting another $10 into the memory for a 3000MHz kit will be absolutely be worth it and will have performance gains in games.
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Yes, a lot of a PC build is completely opinionated, but I truly believe that a lot of the components you picked are genuinely bad choices regardless of opinion. You have a lot of cheap components in this build that I'd expect in a <$500 budget build that simply don't belong in a $1350 build.