I've been looking at adding some older Smiths to my collection. I like the M&P and Victory models. What should I be looking for in these models? Thanks..

Since the Victory Models and the M&P's are fairly common models, condition will be a major factor. Buy the highest condition guns you can find and afford. Accessories such as boxes are always nice to get with the M&P's. I still think that Victory Models are a bit undervalued, guns shipped to the Navy are the best of the Victory Models and are always in demand

m-1911 is on the money. New Departures or usually called lemon squeezers in tip top shape will increase (IMHO) quickly in the next few years as they have already tripled or better lately. Where real estate is location, location, location the gun market is rapidly becoming condition, condition, condition.
Remember you can't pay too much, just too soon.