Just for comparison, this is what I run...
Computer: i7-9700K @3.6Ghz (Stock for now), ASUS ROG Maximus XI Code ATX, Corsair H110i, 32GB Corsair Vengeance DDR4-3200, EVGA RTX 2080Ti, 1TB Samsung 860 EVO SSD (x2), Corsair RMX1000 PSU, Triple Dell S2716DGR
Rig: Sim Lab P1-X w/integrated Triple Mount, Accuforce Pro V2 w/Ascher-Racing F64-USB w/Q1R, HE PRO 3 Pedal, Sparco Grid II Seat, 4 Buttkicker LFE Mini's in Chassis mode connected to a BAS-X A-700 amp, HyperX Cloud II Headset
I would say that rig (with computer) is on the upper end of pretty decent. I built it over time and have upgraded the computer 3 times to get where it is, including the last full rebuild a year and a half ago. I built my own chassis at first (good welding practice) and it worked well, but when I went to 80/20 that was a game changer as far as customization is concerned. You want a rigid seat if you get higher end pedals. You'd be surprised at how hard you can push the brakes and I'm glad I got a bucket seat. I climbed in my buddies BB Modified and since I fit in his seat well, I measured that to figure out what size I needed.
Now, I've been beat by guys with rigs that cost 1/4 of what mine did, so equipment isn't the end-all/be-all, but it helps. Also bear in mind that I could've bought a decent track car for what that rig cost me to build, but I probably couldn't fix it if I crashed it so there's that.
The level of competition on iRacing can get ridiculous. I almost exclusively road race and I've had my ass handed to me on more than one occasion by a current F1 driver.