Consider the following points topshot:

1. The URM background will help though we'd need to know more about the UG - what college; relative GPA standing etc. From what you are hinting, GMAT will not be a strong point - so for a top 7, it will be important to understand these other aspects of the academic arc. Higher the better is the only thing I can say at such a high level for the GMAT. We've worked with folks in sub-600 range get into top schools - but can't really generalize things here.
2. The word consulting is fairly well abused. It can mean a ton of different things and all unrelated - some great, some just about there in terms of quality of experience. That's another thing that has to be understood to do a fair assessment of your chances.
3. Finally, where it all comes together - the post-MBA plan. For reasons mentioned here, I do not provide gut-based school selection chances. But overall, your profile could have promise worth exploring more.

Cheers,

On my first GMAT I scored in the mid 500's and I attribute that score to a lack of prep and timing.

The undergrad I went to was comparable to UT, UF, Penn State. Also, I forgot to mention that I was research assistant for a published piece of work in Finance.

I work in management consulting for a tier 2 firm (EY, PwC, Accenture). My focus is corporate strategy for M&A.

Post MBA I either want to break into tier 1 consulting (MBB) or work in tech strategy.

While the diversity pitch 'may' help break into the top league schools, but for MBB too, the GMAT will be a consideration. The Tier 2 'tag' here could actually limit your chances here some - so the GMAT question is an important one. Get your act together on that front and things should be good.

Cheers,

Your demographics and consulting experience will help you. If you did well in consulting, the tier 2 firm won't hurt you. That said, you do need to show a decent GMAT to be competitive. 3.1 is a really low GPA, so despite the URM, you should try to get 700 on the GMAT. The averages for the top 7 schools are 30ish points higher anyway, but if you get in the low 600s combined with a 3.1, the odds are not in your favor. A score in the 500s significantly reduces your chances.

Good luck!

Best,
Scott