Old workstation for gaming?

[Red Charge]

So, I have an opportunity to get an old workstation for what I think is a reasonable price, and I'm wondering if just throwing a GPU in it would be better than putting together a new rig for around 500.
It's an old Dell Precision t5500 with a xeon x5670, and 12 gb of ram. Comes with two 1TB hard drives. 750w psu. 
I can pick this up for around 270 dollars. Would this be any better than going out and getting brand new parts? Or would this with a gtx 1060 be a good deal?

[elbarto.2]

It would be great with a GTX 1060.  Who are the hard drives made by? I'm assuming it's Seagate.  I would replace those if they are Seagate, since they have been known to fail.  Good find!

[Red Charge]

Alright, thanks! I wasn't sure if this would preform as well as a Skylake i3 due to it's age. Glad to know that this is a good deal! 

[gtx1060=value]

honestly, the older xeons won't pose much of an issue while gaming if the clock speed is over 2.5 ghz, slower than that and it may cause some bottlenecks. Also, you should be using direct x12 or vulkan to take advantage of all those extra cores and to spread the workload across all of them instead of just 1 or 2

[johnny5c]

The x5670 is one of the faster hex-cores so should be pretty decent with a modern GPU.