Looking for a good DAC under $500

I agree with wtf - at the 500 range it won’t be clearly better than the node dac.  Might want to save for a higher range dac later on and just enjoy the node. 

I also have a Cambridge DacMagic (no Plus) - w/o testing I understand that newer designs have surpassed this fine DAC.

dunno if the ones that are said to be better are < $500

ones to check on or test:

Gustard
Oppo Sonica (used? refurb? stretch to $600?)
Emotiva
iFi
and see if any Schiit products will fit your budget

Get a used Benchmark DAC1

I also have a BSN2. To be honest with you, save your money until you can get a Schiit-Gungnir or similar price range. That is what I did, though I waited and was patient to get a good deal on a used one. They come around but not often. I am about to send it in for the multibit upgrade as well. I tried a few DAC's and DAC sections from the Oppo105 and other units. There was just not enough improvement if at all. The DAC implementation in the Node2 is very good and you will not get much for your current price range. I will say the Gungnir in my system made an impressive and audible difference.

My Node2 is about 1.5 yrs. in my system. At that time I bought the Cambridge CXN and the Node since those were two I narrowed down to in my price range. After about a week both myself and my Golden Eared wife agreed that the we preferred the Node2. Both are excellent for the money and our choice was made for multiple reasons. The ouverall sound was the most important.