Boy, this is spot on!
I have a server that I use as a personal media server, and backups. I bought it at a yard sale for $10. Big box, lots of cheap, added several high capacity hard drives, performance is strictly irrelevant, and the several-generations-ago AMD Athlon 64 (remember those?) gamer board supports the 4GB of ECC DDR(1) RAM that is probably overkill for the need. I have no doubt that I could get at least another 5 years out of this ancient hardware for the need and be perfectly happy with it.
Not having requirements specified in a "is this sufficient?" question is a bit like asking "is this jacket warm enough?" without specifying where you're going to go in it.