Mine craft is not taxing enough to justify using a server of that size. You can run one on a desktop.

If you run it on that server you need to take the following into consideration.

Part will be more expensive to replace if they break.
It's an older server and might only be able to run an older operating system
That server will jump your electric bill 100-200 per month. I use to have one and i saved 125 on my bill by downgrading it.
noise can be an issue.



Edit:
Dont forget. if you put it in a small closet heat will be an issue.