I'll be honest, with the prices of RAM and storage nowadays, it's not an ideal moment to start self-hosting. Given that you already have 3.5'' drives, I suggest going for a NAS form if you can afford it. Also, a multiple app server with Nextcloud won't work well unless the system has 8 GB RAM at the minimum, preferably 16. Try getting a more modern processor, as those come with support to encode more recent video formats and you mentioned having a media server.
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