my first thought would be to define the following: max budget, max physical size, max distance you will go to retrieve said item, maximum circuit size, and max hassle you are willing to go through before you can hit the on button.
budget... going used is good if you can find one. new imported will probably run between $500 & $750 (harbor freight, grizzly, jet, etc)
size... ballpark of 300lb would be a good ballpark for a drill only machine. a good mill/drill will range from 300-1000, and an old knee mill 1000-2000. how big of a unit can you physically fit in?
distance? the further you open your traveling range, the more you will find. granted, where you live there's probably some fairly close. if you have to travel a long ways or ship freight, a new local purchase may be a better deal. i needed to expand my range to 300-500 miles to find anything good

makes new look as good as used.
circuit size... there are some decent sized ones that operate on a 120v circuit, but you are getting close to the range where they will (or can be) 240v, and not far form ones that are 3 phase only. 120 and 240 are no issue to wire for assuming you have open breaker slots( even if you go with a 120v you may have to run a dedicated circuit, because it will be a pretty good sized draw.) 3 phase will require a converter (extra $$) i can't say whether a static converter is really a good idea. i've heard lots of people say rotary only for this, but i dunno if they are overly cautions, or whether it is a must.
max hassle... order a new one and have it in a few days, plug it i and go. buy used and maybe have some cleaning or repair. buy three phase and have to worry about figuring out a rotary converter.
you said you want to drill 1 1/4 holes... to me, you will probably want 150 rpm or slower, and probably 1hp minimum. i put the model of a jet drill i had been looking at in your 3 phase thread. i think that is probably about as small as would be rated for the task. granted, we've all dome more with less - i drilled some 1" holes in steel with a tiny old 1/3hp benchtop, but it was not something i would want to do unless i had to. i've switched gears and decided to look for a small mill to do my drilling needs and maybe a little detail work too.