While component selection for servers is fairly complicated and highly specific to what you are doing, generally any normal hardware can be used as server hardware. There is server hardware that has additional features that are very useful in server applications (ECC memory support, multiple NICs, IPMI, etc), none of that is actually required. What you will find advantageous though, usually, is very high CPU core counts. Many server applications, unlike desktop applications, are designed really well to fully utilize many CPU cores. So, depending on your budget, it may be in your interest to look at a platform that allows you to have more than 4 cores, such as X99, X299, a Xeon platform, or AMD's Ryzen platforms.
On another note, if you are going for cost effectiveness, there are great used servers that can be had off ebay. I recently picked up a server similar to this one: http://www.ebay.com/itm/SUPERMICRO-6016T-MR-1U-SERVER-2x-E5504-24GB-NO-HDD-CSE-512-X8DTL-I-/172669033834?hash=item2833e05d6a It has been running well, the only issue is that it sounds like a jet engine about to take off. Buying a used unit like these will be much cheaper than building a new server.