>>294558056
Your GPU is too weak, get GTX 1060 6GB, GTX 1070, GTX 1660 or something along those lines from AMD. I'd recommend 2nd hand 1070 from ebay.

8GB memory might become a problem so you may need to upgrade to 16GB, you can try and see if you can manage with it though.

The CPU is fine although I recommend overclocking it to somewhere near 4GHz. You have a nice upgrade path to Ryzen 3000 series when you feel like it but you should be just fine for now. That in mind you should get 3200MHz ram if you upgrade that as that's native for Ryzen 3000 series.

I very much prefer Quest for the wireless capability, standalone capability, IPD adjustment and OLED screen but Rift S is a fine choice too.