Hardware help

[Tix912]

Hi! Newbie home server enthusiast here. 
I was considering an old laptop for my home server hosting jellyfin and storage but quickly discarded that because of low storage expansion options.

I got my hands on an old Lenovo ThinkCentre M83: 

• Intel Core i3-4130
• 2 cores, 4 threads
• Integrated graphics HD 4400
• 4gb of RAM

I plan on adding an ssd for ubuntu server running all, and two HDDs for storage.

Now my question is: Will this old CPU with an integrated GPU be adequate for transcoding movies on my jellyfin? 
I am considering maybe upgrading the CPU to something newer also with integrated GPU, but also not expensive. Do you have some recommendations for me? Thank you very much, all suggestions are welcome as I am really not experienced enough in hardware.

[TheDreadPirate]

If it is only 1 or 2 users and all your content is 1080P max, you can probably get by with what you have.

The most cost effective solution is to add an Intel Arc GPU. They're super cheap and super capable for transcoding. Assuming that PC has a slot. The Arc A310 comes in a half height configuration if that Lenovo has a slimmer chassis.