I feel like you should at least make sure your power supply, case, and motherboard can support some kind of upwards movement on the other components if you're going to go low end like that.
Those three things are the hardest to change out or upgrade, so focus on a plenty large power supply, a case that has room for a decent video card, and a motherboard with modern features. I was pretty happy with the sale price on an ASUS P8Z77-V. I might be wrong but it has ivy bridge support for the future and PCI-E 3.0, as well as a load of other good overclocking and monitoring features. And it was only around $170.
Even though you're on a budget, it doesn't mean that in a year or two you won't want to upgrade or add a second video card or take advantage of SATA 6.0GB or overclock, or add more ram.
I think on that budget it will be pretty tight - $70 case, $200 Intel 2500k, $80 power supply, $50 for ram, $150 for the motherboard, and that gets you to $550 already. (these are US prices, sorry)
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