Is this a good first PC build for around $700?

it's okay. I'd go with a better quality PSU though, like this:

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-6500 3.2GHz Quad-Core Processor ($191.91 @ Jet)
Motherboard: MSI H110M Gaming Micro ATX LGA1151 Motherboard ($62.98 @ Newegg)
Memory: G.Skill Ripjaws V Series 8GB (2 x 4GB) DDR4-2133 Memory ($53.88 @ OutletPC)
Storage: PNY CS1311 120GB 2.5" Solid State Drive ($41.99 @ Amazon)
Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive ($48.60 @ OutletPC)
Video Card: MSI Radeon RX 480 4GB GAMING X Video Card ($214.99 @ Newegg)
Case: Corsair Carbide Series 88R MicroATX Mid Tower Case ($39.99 @ Newegg)
Power Supply: SeaSonic S12II 620W 80+ Bronze Certified ATX Power Supply ($49.99 @ B&H)
Total: $704.33
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-12-05 17:03 EST-0500

if you can look if you can pick up 16GB RAM
 
Solution
1. Gaming Only ? Will assume so

2. Monitor resolution ? Will assume 1080p

3. If that's the best you can do budget wise, minor upgrades could be done but you are making a lot of sacrifices to save $10 here $20 there that compromise the long term viability of the build

The PSU should be avoided, SSD is too small and you'll grow to hate its limitations and the MSI 1060 would be a better choice for the GFX card on a gaming box and save you money, heat and power.

If you can get up to $850 or so, you could have a screamer that is very upgradable and no shortcomings.