I did roughly the same thing as you plan on doing with these components. I've heard it works great!
PCPartPicker part list: http://pcpartpicker.com/p/3sSo1
Price breakdown by merchant: http://pcpartpicker.com/p/3sSo1/by_merchant/
CPU: Intel Core i3-4130 3.4GHz Dual-Core Processor ($118.97 @ OutletPC)
Motherboard: Asus B85M-G Micro ATX LGA1150 Motherboard ($79.69 @ Amazon)
Memory: Patriot Viper 3 4GB (1 x 4GB) DDR3-1600 Memory ($29.99 @ Newegg)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($54.98 @ OutletPC)
Case: Cooler Master Elite 361 ATX Mid Tower Case ($38.26 @ Mwave)
Power Supply: Corsair Builder 430W 80+ Bronze Certified ATX Power Supply ($19.99 @ Micro Center)
Optical Drive: LG GH24NSB0 DVD/CD Writer ($15.98 @ OutletPC)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($89.98 @ OutletPC)
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-04-16 14:57 EDT-0400)
Got a really good deal on the motherboard and case so I was able to get the entire build for just over 400 bucks a few months ago.