You need a BIOS update with that Motherboard for that CPU. And to do that, you need a 6th gen CPU in the motherboard for the update to happen. So either pick an i5 6500, or get another motherboard.
Or for a bit more than 720:
PCPartPicker part list:
https://pcpartpicker.com/list/x2mtXH
Price breakdown by merchant: https://pcpartpicker.com/list/x2mtXH/by_merchant/
CPU: Intel - Core i5-7500 3.4GHz Quad-Core Processor ($194.88 @ OutletPC)
Motherboard: MSI - H270I GAMING PRO AC Mini ITX LGA1151 Motherboard ($81.98 @ Newegg)
Memory: Crucial - 8GB (2 x 4GB) DDR4-2400 Memory ($87.99 @ SuperBiiz)
Storage: Western Digital - Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($46.68 @ OutletPC)
Video Card: EVGA - GeForce GTX 1060 6GB 6GB GAMING Video Card ($284.98 @ Newegg)
Case: Rosewill - Galaxy-03 ATX Mid Tower Case ($24.99 @ Newegg)
Power Supply: Corsair - CX (2017) 450W 80+ Bronze Certified ATX Power Supply ($21.98 @ Newegg)
Total: $743.48
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2018-01-04 07:18 EST-0500
Much more powerful and more suited.