I would say #1 is a 3 way tie between motherboard, memory, and processor.
You can use onboard video, or an old card for a while.
You can use an old hard drive for a while.
You can use onboard or an old sound card for a while.
You can use an old power supply for a while.
You can obviously use your old mouse and keyboard.
If you've got enough for a mobo, processor, and memory, you've got a start.
Everything else can be changed/added.
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