SSD (no hard drive)
At 700 it's going to be hard to do rendering. The budgets just a bit low.
PCPartPicker part list / Price breakdown by merchant
I know you said 8gb of ram but more really doesn't hurt when it comes to editing and rendering.. Also the 8350 is a waste of money your just paying for a factory over clock which can be easily done by you for $30 less.
8GB is a minimum not a requirement.