If you put an aftermarket cooler on an i5 (I paid $6 for mine) you'll be able to overclock and outperform that i7 and save a good chunk of money. I built a similar system this year, with a Radeon R9 270, 27" IPS monitor and all peripherals for $1400. I only have 1TB for my data drive but taking away the monitor and peripherals you should easily be able to build what you're after.
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