That will likely out shoot rifles twice or three times its cost, but, it will likely leave a bit to be desired in terms of handling and machining. For $500 that is probably good value, but it will still be a $500 quality/manufacturing rifle in your hands, buy it/try it, if you like it keep it, if not pass it on.
I'd go with an EGW rail and a vortex strike eagle 4-24x50 for that thing.