What do you think of this setup?

Solution
Your selected case is big enough and there aren't any clearance issues. Though, it doesn't have much eyecandy.
Bitfenix Nova is similarly priced with better eyecandy,
pcpp: https://pcpartpicker.com/products/compare/vk98TW,XGL7YJ/

You don't need Hyper 212 EVO in there. The Intel's stock cooler that comes with CPU has more than enough cooling performance for your i5-7500.

Though, it's better if you go with MoBo that has 4 RAM slots and not 2. It makes upgrading RAM far easier since you don't need to replace your current RAM but instead, buy additional RAM. Here are some good MoBos with 4 RAM slots and with different color themes,
pcpp: https://pcpartpicker.com/products/compare/CVX2FT,DTfmP6,tzGj4D,qjs8TW/

While your PSU has enough...

Aeacus

Titan
Ambassador
Your selected case is big enough and there aren't any clearance issues. Though, it doesn't have much eyecandy.
Bitfenix Nova is similarly priced with better eyecandy,
pcpp: https://pcpartpicker.com/products/compare/vk98TW,XGL7YJ/

You don't need Hyper 212 EVO in there. The Intel's stock cooler that comes with CPU has more than enough cooling performance for your i5-7500.

Though, it's better if you go with MoBo that has 4 RAM slots and not 2. It makes upgrading RAM far easier since you don't need to replace your current RAM but instead, buy additional RAM. Here are some good MoBos with 4 RAM slots and with different color themes,
pcpp: https://pcpartpicker.com/products/compare/CVX2FT,DTfmP6,tzGj4D,qjs8TW/

While your PSU has enough wattage, it's build quality, at best, is mediocre. For far better build quality PSU, go with any Seasonic unit in 500W range. E.g S12II-520, M12II-520 EVO, G-550 or Focus+ 550,
pcpp: https://pcpartpicker.com/products/compare/bkp323,TgW9TW,fZyFf7,DPCwrH/

Focus+ is the newest PSU line from Seasonic and it comes with 10 years of OEM warranty. Other listed Seasonic PSUs come with 5 years of OEM warranty.

All my 3 PCs: Skylake, Haswell and AMD are also powered by Seasonic. Full specs with pics in my sig.
 
Solution
PCPartPicker part list / Price breakdown by merchant

CPU: AMD - Ryzen 5 1600 3.2GHz 6-Core Processor ($197.99 @ SuperBiiz)
Motherboard: Gigabyte - GA-AB350M-Gaming 3 Micro ATX AM4 Motherboard ($86.98 @ Newegg)
Memory: Corsair - Vengeance LED 16GB (2 x 8GB) DDR4-3000 Memory ($134.99 @ Amazon)
Storage: Western Digital - Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($47.88 @ OutletPC)
Case: Cooler Master - MasterBox Lite 3.1 MicroATX Mid Tower Case ($46.98 @ Newegg)
Power Supply: Corsair - CX (2017) 650W 80+ Bronze Certified ATX Power Supply ($38.98 @ Newegg)
Total: $553.80
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-07-25 01:25 EDT-0400

Go for the AMD Vega next month with the remaining cash.
If you want a bigger case for a larger gpu, get the msi tomahawk mobo with a case like corsair spec 04