Low Cost High Performance Audio Analyzer

I have been trying to find a high performance low cost analyzer for a while now.
Most are either too expensive, or lack the performance level I like to have. Audio Precision has exactly what I want. But it is way too expensive. There are also a few threads that offer DIY solutions. They lack the performance while being too expensive, they seem to be promoting commercial products. My budget is under $500. I wonder whether I can build the device myself. Clearly, repeating the same designs with the same ICs will get me no where. So, I am thinking to develop my own ADC and DAC. I know it is a difficult task. But everything is impossible until somebody does it. Any advice is much appreciated.
 
@ Zung,

I will read the thread thanks,

@ Vovk Z

Ideally, I like to be able to measure THD < 150 dBFS for frequencies up to 20 KHz.
I am familar with a few ways to do so. Currently, I use a notch filter.
But it has issues and it is too cumbersome to use for the frequency range.

@ Abraxalito

You are right. I am familiar with how they do it.
SAR ADCs are very noisy. You can somewhat reduce the noise by averaging. But then
You will see spurrs.
 
Unfortunately I don't sure if there is an "industrial standard" how to cheap measure such an ultra-low distortions (if only not active notch-filter crossover). And I'm not very in this "ultra-low" (<150 dBFS) area (I asked you about requirements just to make things clear to others more experienced people).
 
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