My friends first build. Will we have any problems?

Solution
Few adjusted parts:

Changed MB from H170 (non-overclockable) to a Z270 (overclockable) that supports the i7-7700k out of the box. Though an H170 will also fit the i7-7700K (being the same LGA1151), this *may* require a BIOS update if you got a mb that was on the shelf prior to the release of the 7th-gen CPUs.

Furthermore, I removed your Wi-Fi card and got the Asus Z270E with a built-in wireless connectivity already (Wi-Fi and Bluetooth). This will clear up more space inside your chassis for better airflow, will also clear up a PCIe slot, and overall will look better (eliminating the unsightly green-colored PCB of the wireless card).

Changed a couple of other items as well (RAM, PSU, Cooler, Monitor and GPU).

PCPartPicker part...
1 - Get a 200 series motherboard, like an H270 this will ensure BIOS is updated and will work with the selected CPU

2 - Unlocked processor with a non-overclokable motherboard? Was this intentional?

3 - WD Red? Get a Blue, it will be faster.

Just a few of my first impressions.
 
Few adjusted parts:

Changed MB from H170 (non-overclockable) to a Z270 (overclockable) that supports the i7-7700k out of the box. Though an H170 will also fit the i7-7700K (being the same LGA1151), this *may* require a BIOS update if you got a mb that was on the shelf prior to the release of the 7th-gen CPUs.

Furthermore, I removed your Wi-Fi card and got the Asus Z270E with a built-in wireless connectivity already (Wi-Fi and Bluetooth). This will clear up more space inside your chassis for better airflow, will also clear up a PCIe slot, and overall will look better (eliminating the unsightly green-colored PCB of the wireless card).

Changed a couple of other items as well (RAM, PSU, Cooler, Monitor and GPU).

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i7-7700K 4.2GHz Quad-Core Processor ($339.00 @ B&H)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.99 @ Newegg Marketplace)
Motherboard: Asus STRIX Z270-E GAMING ATX LGA1151 Motherboard ($189.99 @ SuperBiiz)
Memory: G.Skill Ripjaws V Series 16GB (2 x 8GB) DDR4-2800 Memory ($94.99 @ Newegg)
Storage: Samsung 850 EVO-Series 250GB 2.5" Solid State Drive ($97.99 @ B&H)
Storage: Western Digital Red 3TB 3.5" 5400RPM Internal Hard Drive ($106.99 @ SuperBiiz)
Video Card: EVGA GeForce GTX 1070 8GB SC GAMING ACX 3.0 Black Edition Video Card ($379.99 @ Jet)
Case: NZXT Phantom 410 (White) ATX Mid Tower Case ($72.99 @ NCIX US)
Power Supply: SeaSonic G 550W 80+ Gold Certified Semi-Modular ATX Power Supply ($69.99 @ Newegg)
Optical Drive: Asus DRW-24F1ST DVD/CD Writer ($17.95 @ Directron)
Operating System: Microsoft Windows 10 Home OEM 64-bit ($89.99 @ NCIX US)
Monitor: Asus VG245H 24.0" 1920x1080 75Hz Monitor ($169.99 @ Newegg)
Keyboard: Razer DeathStalker Chroma Wired Gaming Keyboard ($79.26 @ Amazon)
Mouse: Corsair Sabre RGB Wired Optical Mouse ($40.99 @ Jet)
Total: $1785.10
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-02-24 16:25 EST-0500
 
Solution

kraelic

Distinguished
Feb 12, 2006
940
1
19,360
K chip with Z board, or non-k with non-z if you will not overclock. And the 100 series might need a bios update before installing the 7th gen. 200 series works out of the box.

Why a low profile cooler with a mid tower case? http://www.outletpc.com/vz8692-cryorig-h7-crh7aentry-level-cooler.html?utm_source=vz8692-cryorig-h7-crh7aentry-level-cooler&utm_medium=shopping%2Bengine&utm_campaign=pcpartpicker&utm_content=Cryorig%2B-%2B%20%28Cooling%29%20%3E%20CPU%20Fans%20%26%20Heatsinks%20%3E%20Intel%20Processor%20Coolers Should be easier to clean the tower rather than a compact when dust builds up.
 
Besides the motherboard bios issue:

PSU is not gthat great of quality, got with Seasonic G on sale at newegg
If you cant have hardwired ethernet for internet then use powerline adapter instead of wifi. For gaming, latency is what is most important and the powerline adapter will beat wifi in that.