Buying old rack-mount server hardware for home use is almost always a mistake. Old server hardware may feel cheap when you see an old dual-socket rack mount server on eBay with hardware that was fast 8 years ago, but you can probably meet or exceed the performance with something like a cheap 8-core Ryzen.
Rack mount servers are also exceptionally loud. Unless you love the noise of small, high-RPM server fans, you don't want rack mount server hardware in your house.
And don't forget the power bill. Some old servers idle at hundreds of watts, which will add up over the several years you leave it running. 24/7 server hardware is a good example of where it makes sense to be mindful of power consumption.
> What makes even less sense is wanting use to use software like vSphere or ESXi since its about 10x more complicated than just using virt-manager/QEMU.
I disagree. ESXi is actually extremely easy to use, as long as you pick compatible hardware up front. The GUI isn't perfect, but it's intuitive enough that I feel confident clicking around to accomplish what I need instead of looking up a tutorial first.