Best Bang for your Buck DAC ?

$300 buys a lot of parts, and the packaging costs are minimal.

I will not be very original as I will also recommend Denafrips Ares 2 Dac.
As close as you can get to analogue sounding dac without tubes.
I am rediscovering my cd collection.
It never sounded so good!
Speaking of value, you have to double the price,750 to get a better sound.
Schiot Bifrost 2
sounds also very good and has 5 years warranty!
But it doesn’t have the creamy smoothness of The Ares 2. Enjoy!

A lot of good suggestions, I tried the Qutest used and thought it was very nice but sold it. I bought a demo RME  from sweetwater and really like this dac and still have it. It is crystal clear without being sterile, its warm with big bass and does not get blurred or fall apart with complex or busy fast music. It has a lot of adjustments but I run it flat. I did add a Teddy Pardo power supply.

i have the mhdt orchid and added better caps it is a very musical and great dac, it can't hold things together as good as RME during complex music but it has a better sound stage not night and day but it is noticeable. You can't go wrong with either one there both great dac's under $1000 used. 

@dyson2004 No, I’ve not tried the Iriis.  It might be on the shopping list though, especially if my retirement comes earlier than expected.  What have you experiences or heard? 

Borrowed my friends Orchid that he raves about a while back. Sound varied between "I like it", and "this sounds like an MP3". I can see the attraction, but I was too often aware of something "wrong". Would have drove me crazy.