Minimum requirement of DC:
• Minimum: 1 GHz (x86 processor) or 1.4 GHz (x64 processor)• Recommended: 2 GHz or faster
Note: An Intel Itanium 2 processor is required for Windows Server 2008 for Itanium-Based Systems.
• Minimum: 10 GB• Recommended: 40 GB or greater
Note: Computers with more than 16 GB of RAM will require more disk space for paging, hibernation, and dump files.
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I think also you need to know in xx years if there will be more students in the school or is it locked down at 1000 students and 200 teachers. If there will be more, it will be better to actually get a better specs server as on top. But do avoid 512MB of ram. The more ram you have will be better.