Good points. I would say you have the same factors as I recommend to others:
1. Team - is the team capable of doing the product, do they have experience and skill set
2. Market - is there a niche or share of existing market will be made, is the market large.
3. Token model - is there a purpose of the coin, do you think it is useful.
4. ICO structure - how will the funds be used, roadmap available, do they need that much money.
Still the risk is very high even you study those ICO but if you really believe on that project and as long as you do your homework then invest on it. After all we are really in high risk market but those risk are really profitable sometime.
Risk always takes part here. And this risk is really high. Even when the project is good at all points it can fail.. For example the lack of investments. Many investors don't make research and invest in most hyped and marketed projects. That is why good projects can fail. People just wrongly invest in ICOs which they always see (good advertisement and marketing).