Is my setup good for minecraft server hosting?

It should be fine, the RAM will limit the number of people that can be on your server. Minecraft is a single threaded process, so it's better to have fewer faster cores rather than multiple slower cores, but if that's what you have, then that's what you have and it'll likely do fine. I ran a Minecraft server on a Core 2 Duo E8400 with 8 GB of RAM and it always ran perfectly fine.

Yours will likely support 8-10 players with no problem depending on the OS and what else is running on the server. If it's a Windows server, realistically you'll only have about 2-3 GB available to the minecraft server process at most. If you run a stripped down Linux distro, you can probably have 3-3.5 GB available for minecraft and support 10-15 players.