I think this discussion is going in a good direction since the OP is a vinyl guy. R2R DACs make a lot of sense. I would take a look at the Holo Audio Spring 3. It's a true Non Oversampling R2R DAC (Denafrips is not) that will sound very analogue. New it's at your price point and second hand would be well below you $ threshold. Very highly rated by Stereophile. Good luck and cheers.
DAC upgrade
Let me start by saying I am a vinyl guy, but digital streaming, particularly if I can achieve the right sound has many advantages. My 2 channel equipment is as follows:
Rogue RP-1 w/ NOS Brimar CV4003, LSA Warp 1, KEF R11’s, Rhythmic F12SE, Pro-ject 1Xpression w/Hana ML, Rega Aria, Bluesound Node, Marantz CD6007, Schiit Modi Multibit 2. Good to very good power, speaker, interconnect cables.
My weakest link (I believe) is my DAC.
My desire is the best sounding DAC below $2,500, but certainly don’t mind spending less. i want the DAC to be as good as my best current component. I don’t need a DAC with preampliflication, don’t need balanced, don’t need headphones, however I would not eliminate a DAC with superior sound with those features. I do prefer a small form factor.
My current top contenders are:
Chord Qutest, Schiit Yggy, RME ADI-2, Topping D90 III.
The Chord checks all my boxes… reviews, sound, form factor, no unneeded features, etc and don’t mind its quirky lights… but, looking your thoughts/ recommendations. Thanks!