also with this build i plan to use the on-board audio and i was wondering if the on-board audio stops working is my whole board no good or can i just buy a sound card to fix that issue
thanks for your time
Then you should go for it. If you had 200$ extra to spend, you'd be able to get a 8320 CPU and the 760 GTX instead, but yes with your budget this can't get any better.
If you can wait and earn 2-300$ more you'd be able to build a rig that'll run a couple of more years than this build.