For features, I would make sure it has: An excellent, linear power supply; I2S input, DSD512 and 32b/768k capability. Balanced and RCA outputs. The DAC chip seems to be either not relevant or critical, depending on who you speak with. At the moment R2R DACS and ESS 9038Pro are the big two, but it's all about implementation. I'd add OCXO clock, FIFO buffer, FPGA controller and a 10k clock input, One thing I'd consider: DAC's are still evolving rapidly. I'm not sure I'd spend 5k on something that might be old-tech in a few years. The 3k LAIV and Denafrips Venus 15 seem to fit the bill.
New DAC, what should I look for?
I currently have a PSA DirectStream Mk1 (modified with APS output transformers and external power supply). Nothing wrong with it at all, but it's the oldest components I have and I'm thinking I may want to try something different. Budget is ~5k used
The sound profile that I'm looking for is smooth and spacious. Yes, details are nice, but I can compromise somewhat on that to gain smoothness and spaciousness.
The rest of my system consists of PureAudioProject Trio15Classic driven by MasterSound Compact 845. Streamer is Holo Audio Red and Small Green Computer i7 is taking care of the Roon/HQPlayer duties. All cables are Silversmith