Plus one for @2psyop suggestion to get Bluesound Node X and a Teddy Pardo external power supply. If the combination is too rich for now, you could get the Node X now, and get the Teddy Pardo later as a reasonably priced upgrade path. If the DAC in your Sim Audio CD player is accessible from coax or optical cable and it’s fairly good quality, you might be able to get away with getting and Node N130 instead of the Node X, and then the Pardo power supply would be within your budget now. FYI, the Node N130 benefits greatly from using a high quality coax cable, at least in my system. If that is the route you choose for connecting to your DAC, don’t scrimp there.
kn