I would suggest a Grace Audio M920, as it seems to do all that you require, and is a "studio grade" multi digital/analog input/analog output DAC with variable headphone/ level control with direct 120 volt power input that I purchased new early 2017..
But I don`t use the headphone jacks in my application(they were tested recently, though really don`t know about the output mute function with headphone plug insertion..
I paid over twice for it over your budget, but I wanted, in my case, a very high quality 5 year warranty(I think transferable) very flexible HQ DAC that could run 24/7/365 without any issues for my digital flash drive to OPPO BDP-103 S/PDIF feeding to the M920 for all day back ground music delivery system with zero added listener fatigue(at least no more added perceptible distortions inherent on top of the original recordings) than reasonable possible ..
And the M920 has performed flawlessly usb connected from my Win 10 upgraded laptop, as well..
No affiliation with Grace Audio, just a extremely pleased customer.
Just a thought/suggestion whilst drinking and thinking on a Sunday evening before feeding my pie hole !!
If available used? A possible consideration ?
Good luck on your quest..
Kind regards, OKB