Budget External DAC Recommendations


I just upgraded my Audioengine B1 Bluethooth receiver (using iTunes) to a Bluesound Node 2i (streaming Tidal Hifi) and the increase in sound quality is shocking.  It has me wondering if I can make another incremental increase in SQ by purchasing an external DAC.  Will a $400 - $500 DAC substantially best the DAC in the Bluesound Node 2i?

I am looking at the used market and have narrowed my choices down to (in no particular order):

- Chord Mojo
- Benchmark DAC-1
- PS Audio Digital Link III
- Denafrips Ares II

Which is the best? What else should I be considering? Also, for those who have heard the Node 2i's DAC, how does the DAC you recommend change the sound quality?

My system includes the Node 2i, Rogue Cronus Magnum and Totem Hawk speakers.

Thanks for any suggestions!
stewbombs
I’ve used the Node with a Digital Link III, which had been sitting unused on a shelf after upgrading.  I was using the Node in a second system, actually a HT system with a $1K Denon AVR 5.1.  The Node, of course was playing in Stereo.  I didn’t hear a lot of improvement, so when I upgraded the AVR I returned the DLinkIII to the closet.  I was thinking about pulling out again to use with the new AVR.  Just my experience 
There are a number of people who believe the Node 2i makes a great streamer in and of itself and adding the external DAC brings it to a whole new level. And as you know the Bluesound app is great.

The DAC in the 2i really is just ok once you have compared it with a good external DAC. I wish I could recommend a good budget DAC for you but I have only heard and use with my 2i an older Museatex Meitner Bitstream DAC modded by an individual who originally worked with Meitner, so no real frame of reference with the new improved flavors. But I think you are on a good path forward looking for a good new DAC.
Thanks, Jetter. I am trying to determine whether some of the DACs in my range will noticeably outperform the Node 2i’s DAC. My research has led me to believe exactly what you’ve said about the Node 2i: great streamer, decent DAC. 
Big Greg, I’m with you in that I don’t want to throw money at a marginal upgrade. With that being said, I couldn’t be happier with the Node 2i as a streamer (and DAC at this point) and love the app. I won’t be shopping streamers anytime soon. But external DACs are another story. 

I am adding the Schiit Bifrost to my list. 
I have the Vault2 and upgraded to an outboard DAC to one of  the higher-end PS Audio DACs. Well worth it. I would say in my opinion, spending $4-500 might get you a little improvement, as again, the Bluesound DAC isn't bad. But I'd suggest holding off until you can get to at least the $1500-2000 range to really make a difference. I owned the Totem Rainmakers and liked them a lot, with your Rogue amp, you'll hear a big difference between a $500 and $2K DAC. Going from Bluesound to $500, not so much in my opinion.