What are your priorities and resources requirements? Standard cheap hosting deal should at least cover sufficient power to host at least 50 – 100 not-so-active domains with basic web statistics support, email and web mail services, auto script installations, updated PHP and MySQL, basic after-sale technical support, and at least 99.8% server uptime. It would be a plus if the host can provide regular server backup, periodic malware scanning, and additional dedicated IP as well as private SSL certifications. But honestly you really can’t ask for too much with cheap hosting.