You know what, for me, I think most ICO's/alt coins will die in five years and the ones that really have a usecase will prevail much like the top websites right now and the millions of websites that died.
What I'm doing right now is finding the ICO's that can give me a good ETH roi since ETH will probably one of the few that will survive(we may never know though). If there is one factor that attracts my attention is that the ICO must have a scarcity of buyers, what do I mean you say? Some ico's limit their whitelist participants and some filter them through lottery, with this, more buyers are not able to buy/invest and forcing them to wait for exchange(dex or not). This kind of ico creates a lot of FOMO and in turn gives good roi's. One more thing I observe is the bounty campaign, if the ico has ton of bounty tokens to give, then expect the dump the moment it becomes tradable so basically, no airdrop, no bounty, the better.