But it is within the budget and, for $629+tax (~ukp400 plus tax), it's not a bad computer...
I bet that rig would run Elite just fine. It's not great, not awful, and a hell of a lot better than your average BestBuy/Walmart/Tesco box.
I've got it running acceptably on a crapbook air of all things, and that box probably has two or three times the grunt.