When I pick up a used S&W here is what I look at. First glance condition of blue. How clear are the stampings on frame and barrel? If you want it for collecting, very much bluing wear, faded stampings, dings and scratches will drop the value fast. For shooting you can sett your own
level of acceptance. Blue wear on muzzle and front of cylinder may just be holster wear, but blue wear and things like rust, dings and scratches are also a sign of use and level of care both in handling and maintenance.
Then check cylinder movement. It will move in a rotational manner a tiny bit. Some experience with checking guns with low to medium round counts helps to judge how much is ok. Front to back movement. again some is OK and a tiny bit needed. Hold the gun up to good light and press cylinder toward barrel. The gap should be just visible when you look square to the gun. Press cylinder back and the gap shouldn't be huge. If your concerned about gap, feeler gauges are cheap and its easy to check. With cylinder back anything over .008 means a fix is needed. Back and forth movement is easily correctable, but a big cylinder to barrel gap is not. Look at the notches in cylinder are the edges square or have any peaning?
When closed up does the yoke have movement. Is the seam between the frame and yoke tight and does it open up with a bit of side pressure? Does it open and close without any binding?
Look at the recoil shield. Can you see defined round case marks where cases have moved back against shield? Well defined marks probably means a fairly high round count. How does the hole around the firing pin look? Smooth or maybe a bit oval or some erosion? How much wear on the blue where center pin rides from edge of shield to center. How much wear by thumb latch?
Look at the extractor rod. Blue worn off or cold blued? Scratches on it. Knurling on knob end clean and clear or work or marked up. Turn the cylinder while almost closed and try to see if rod wobbles. Does the extractor move out and back in freely?
How does the muzzle and rifling look? Cylinder open and white paper in cutout helps with good light. Same for all the chambers.
How are the screw heads. Messed up ones are easy to replace, but makes you wonder what else Bubba did while the plate was off.
How does the trigger feel. kind of heavy is ok, but is it smooth as you completely cycle the cylinder? Are the wear marks on sides of trigger and hammer. Are there more pronounced drag marks on one side over the other? Even wear or a brighter line or 2?
Look at the ratchet, do all the cuts appear uniform. Any with raised or rounded top edges? When you slowly cycle in SA does the cylinder bolt drop in and lock up before the hammer locks back? Same thing in DA. Is the cylinder locked when the hammer falls? When the hammer is locked back in single action, lightly press on it to see if it releases. Just a couple pounds of pressure. If you press hard enough it will fall and may damage the sear edges. The trigger in SA should only take a tiny movement to trip. You don't want it to be really light. Experience call.
Some problems can be fixed relatively easily and cheaply. Some take experience, equipment and money. If everything is good and you should be able to just take it out and go to shooting it, I would pay a reasonable price for that model and configuration if I wanted it. If no the price goes down fast. I can fix up most problems myself but not many can. Good revolver smiths cost and repairs could quickly eat more than the gun is worth. If I have to fix it its going to take time and even if I do enjoy it my time is worth something, plus parts and shipping add up quick.