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Looking for a decent server.

So I am in need for a decent server to run multiple data base heavy applications for personal projects and work. I especially need to run GitLab and some other applications written in Ruby on Rails. I have narrowed my choice down to a used server I found for around USD 350 on ebay. Here are the specs:

 

2x SIX CORE X5650 2.66GHz - 12 cores and 24 threads

8GB RAM

 

Wondering if it was decent value considering it comes with a case and other components such as motherboard, psu and also a 10Gbit ethernet built in. The actual server is based on the HP ProLiant SL390s G7 Server series. Should I pull the trigger? Or are there better options?

 

The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion.

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i'll clarify how these things can be found this cheap:

 

they're servers from datacenters that have upgraded or have gone bankrupt, and they try to get something back on their investment, so they ask a price that'll allow them to get rid of large quantities of these quickly.

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