I recently ordered the remaining parts I need for this $500 build and will be putting it together next week when all the parts get here.

PCPartPicker part list: http://pcpartpicker.com/list/NqwqsJ
Price breakdown by merchant: http://pcpartpicker.com/list/NqwqsJ/by_merchant/

CPU: AMD FX-8320E 3.2GHz 8-Core Processor ($129.05 @ Amazon)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($28.65 @ Amazon)
Motherboard: Gigabyte GA-78LMT-USB3 Micro ATX AM3+ Motherboard ($54.93 @ Amazon)
Memory: Crucial Ballistix Sport 16GB (2 x 8GB) DDR3-1600 Memory ($52.99 @ Amazon)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($49.99 @ Amazon)
Video Card: EVGA GeForce GT 730 2GB Video Card ($73.50 @ Amazon)
Case: Cooler Master N200 MicroATX Mid Tower Case ($46.35 @ Amazon)
Power Supply: EVGA 500W 80+ Certified ATX Power Supply ($39.99 @ Amazon)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($22.58 @ Amazon)
Total: $498.03
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-06-11 11:02 EDT-0400

The AMD 8320E uses 95 watts instead of 125. With the 212 EVO cpu cooler and Artic Silver 5 thermal paste, I should be able to overclock to 4.0 ghz.

The way the prices are, there's really no reason not to get the 1TB hard drive or the 16GB of RAM, each are just around $50 and used to be around $100. One could substitute the GT 730 video card at $73 for a GT 710 at $35, but I decided to get a bit better one. Also some people might not need the optical drive, but this computer will also be hooked up to my TV.

AMD FX CPUs are extremely inefficient crunchers.

The 8320E does use 95W at base clock, but with a 4GHz overclock it will be much much more than that.

Also, I wouldn't overclock on that motherboard, it's VRM isn't strong to handle the 8320E at 4GHz. It may work, but sooner or later you will end up with a fried board. You should only really OC an 8-core FX with a full ATX board, at least 970/990 series with a strong VRM.

You can get an used i5 or a new i3 for the same price, both will get 2-3 times the points/watt as an FX. Meaning they'd most likely net you more points than the FX while consuming much less power.

Also, you wouldn't need a video card at all with an i3/i5.