You should read white paper carefully, look through team, assess idea of the ico, whether it is innovative. For me it would be better to invest in several ICOs, the percentage of success will grow up.
I agree with idea of multiple ICOs to invest in. You can get in for not a lot money on most tokens. I think anyone can create a strong Whitepaper and spin it however they want like putting lipstick on a pig. I think the team is important, but the best team with a worthless product will not go anywhere. Is the product usable in the real world and does it solve a widespread problem? The answers to those two questions HAVE TO BE yes!
With that being said you might want to check out Deedcoin Talkincrypto50. I think you will like the project.