Basically only two things: sound and playability.
Inlay would be nice, but, I'm at the stage where I would take it if it were made specifically for me. Other than that, I could take it or leave it.
Getting back on thread, if I were buying an `ukulele off the rack, instead of viewing it just as what I would look for, I'll also add in what I would expect:
Tenor (not sure why the statement "solid wood" is said, this is assumed)
Hardwood top (for softwood, I'd spend way more than $1k)
Spend $1K, give or take
Bookmatched plates, and sides, quartersawn (okay, I'll take the back off quarter if I need to)
Ebony/Rosewood FB and Bridge (straight grained, quartered)
Geared tuners
level frets
No binding (okay, FB binding if it were a KoAloha)
blemishes (if looked at with a microscope)
Intonation will be off, and will need to be set (see next line)
Strings will need to be replaced
Action will need to be set
Holes will need to be drilled for UST
Frets will need to be dressed
Basically, I would expect to put some work into any instrument I buy off the rack, unless of course, I get it from MGM, who will change strings, set action and intonation, and have a UST installed (then again, that would be me installing it anyway). I still would have to dress the frets, but then I'd be done.