I am totally clueless as to what features are necessary, so any advice is appreciated.
max psi the compressor is capable of- basically a 1-stage or 2-stage compressor. 1-stage gets you to ~120psi, and you can get these in 120V or 240v motors. 2-stage gets you 175psi or slightly higher, and I don't think any 2-stage is available at 120V. They're all 240V motors.
Don't go by the hp rating of the motor, it's all lies, the FTC did a crackdown not too long ago on manufacturers because they wildly exaggerated power claims for marketing. A 120V at 20 amp fuse best case is 2400 watts, (1hp = 746 watt) = 3.2hp. When I got mine it was rated at 4hp, now I see it's advertised as 3. Like said, what you need to do is go by the cfm rating at given pressures, but I won't bet money on them as being completely accurate either. Figure out the tools you want to use, what cfm and psi requirements they have then compare that to specs of compressors. what you can't have is psi you can make for with capacity, so look for the biggest tank possible, or at least that you're comfortable with. I've never seen anything bigger than the 20-25 gallon range for a 120V compressor motor. Also, 1-stagers run $100-300 whereas 2-stagers are typically > $1000.
Two ways to go on compressor motors, oil-lubricated or oil-less. Oil-less is still the same piston type motor, but an anti-friction coating is on the cylinder to allow it to operate without seizing. They work, and are cheaper, at least for the manuf. to make. Oil lubed requires maintenance but is more durable in the long run, provided you maintain it properly.
240V (220/230/240) motors are more efficient so in general you should go with that if possible. One thing to be aware of, on 120V (110/115/120) motors is don't run them on an extension cord, especially a long one. Voltage drop will cause the electric motor to run hotter and fail sooner, so while the 120V are portable you need an 120v outlet you can get it next to. Not so much for the small compressors, but for a big one like this HF 21 gallon, it pulls 15 amps so it's important to not use an extension cord.