As much as I
love revolvers, based on what you are looking for, I would not be looking at revolvers if it was me. At least, not unless you were going to consider dropping a criteria.
-Something with the ability to be cocked by hand rather than a DAO. I've got rheumatoid arthritis which make it difficult for me to pull a double action trigger if the weather is too hot, too cold, or too humid.
-Something with relatively low recoil(.38 special or .327 magnum maybe) for the same reason.
-Under $500(I'm broke, with student loan payments on the horizon and a career of adjuncting to look forward to)
-With plenty of aftermarket support for holsters and such.
So, you are going to be teaching in a college or university? If you plan to carry at work, there are considerations you need to think about. Academia is not always very pro-gun. Depending upon what state you live in, it may not even be legal for you to carry at work. So, either way (possibly illegal, if not, then legal but frowned upon by the powers that be, ie. those who you will count on to either eventually give you a tenure-track job down the line or be a reference for a tenure-track job with another institution) you will need it to be as concealable as possible.
However, small and concealable revolvers (like the J-frame) aren't particularly comfortable to shoot with a steel frame, and the alloy and polymer versions can be outright painful. That is without arthritis. One way to get around that is to go smaller in the caliber, but do you really want to trust your life to .22lr? Going .327mag and using .32H&R mag (or finding an old .32H&R mag) may work, but from what I read you'll still be around .38spl recoil. If you are set on a revolver, look for all steel, and buying a good aftermarket grip that fills your hand well will help with recoil. I'd go 3", it is a little heavier, and thus better on recoil, and with an IWB holster the extra inch of barrel will disappear down your pants. With the right combo, it may still work for your combination of arthritis and thus recoil management needs plus concealment needs.
With your arthritis, it sounds like a 3" K-frame or L-frame would be a good all around gun. Enough recoil absorption that you'll likely be fine with it, but small enough to conceal. Though, it isn't a deep concealment gun so if it was me, I wouldn't want to conceal it at a place of work which may be hostile to carry. So, it would be a good option for you if you don't carry at work. Though, a 3" K-frame or a new L-frame won't likely be found under $500.
If I was in your situation, I'd look towards a SAO (though those are mostly 1911s and not cheap), or a striker fired auto. Most striker fired handguns don't have a particularly heavy trigger pull. A used Glock will be well under $500, and a new one won't be much over that in many areas ($500-600 depending upon your area). Online, the S&W M&P compact can be had right around $400 from several online retailers right now (add shipping and FFL fees and you are still under, maybe well under, $500). Get a 9mm instead of a .45 or .40 and recoil will be quite manageable. A double stack this size should conceal well, a single stack like the M&P Shield will completely disappear in something like a tuckable IWB holster (though the double stack will be better on recoil).
Anyway, your best bet is to get to a range with rentals and try out a few guns. Try the small framed revolvers if that is what you want, you may find they will work for you or you may not, but you won't know until you try them. If they don't work, try a larger revolver (though you may need to forget carrying at work unless you get really good at concealment) and try some striker fired autos. Until then, you won't really know what will and won't work for you.